I tried this once with my Panasonic impact drive [1/2" drive] and 1" socket.
It worked in so far as getting the hole punched but it also shook the bearing loose from the stud.
I wouldn't do it again. It's rather fun to use the power of one's arm to punch a 2" hole in sheet metal. If you are worried about production speed, have your employer provide you with the hydraulic version.
~Peter