I would suggest spinning the wheel hub as you tighten the inner nut. That way it keeps the bearings lined up and also you can feel when the nut puts preload on the bearings.
What I generally do is overtighten the inner nut slightly, while spinning the wheel hub (that ensures the bearings are seated good and everything is lined up), then back the nut off just a tiny bit, then torque it to the proper torque.
If you are doing it by the "feel" method, then slightly tight is better than slightly loose. You do not want any play in the bearings, when you try to shake the wheel/tire by grabbing onto the top and bottom of the tire and rocking it back and forth.