Impact wrench will have a higher tendency to shear. If you remember your strength of materials class, material strength and behavior is dependent on strain rate. Higher strain rates cause a material to behave in a brittle manner, which requires less strength to break.
On a practical note, the shock imparted by an impact wrench may do a better job of breaking the corrosion that holds the bolt.
Other wise, I agree with Texan and his idea of working the bolt back and forth and working penetrant into the crevices.