This is good! Somebody needs to break out the free body diagrams to end this. My vote is extension length does not matter assuming it is sufficiently rigid to not break.
To disprove the 2lbs per inch (even if you meant foot) theory do this:
Set the torque wrench to 24 lb-ft and use a 12 inch (or foot if that what you meant) extension. Viola...... 0 torque.
Doubt it.
The instructions I've seen with torque wrenches and "extensions" have to do with adapters where the adapter places the axis of the bolt so it is not in line with the square drive of the wrench... increases the moment arm.
Warning....I may be way off on this, but doesn't a torque stick work with an impact because it is essentially a spring. Springs exert force that depends on their displacement and spring constant. Keep the constant the same and the displacement the same (impact) it works. Take a torque stick and give it to a 900lb. gorilla and it doesn't work.
Is that right?