Deano,
When using a simple straight extension between the socket and the torque wrench, you are not changing the leverage since the force applied at the socket is still along the centerline of the head of the wrench.
If measuring this in a lab, then yes you could likely note some small difference due to potential "spring" effect of the extension "winding up", which would vary with the length, diameter and material it is alloyed from.
For what we are doing here (lug nuts), the accuracy tolerance of the wrench and whether you are holding the wrench/extension/socket in perfect alignment would likely have far more effect. Also the relative cleanliness and accuracy of the threads.
I set my torque wrench to 70 ft-lbs, do up all the fasteners, reset to 100 ft-lbs, do them up again and call it good. Some people do them up in three stages.
I recheck them two more times after approx 50 miles, and then at 100 or 200 miles. Works for me.
That's my opinion and understanding anyway.
Edit, perhaps Ron G will chime in with the view from a mechanical engineers perspective.