Depends on how fast you want to remove the lug nuts. If you look at the industrial spec sheets on air tools they list diffrent specs than the ones listed on the consumer package. The IR 2131 pulls over 20cfm if you look at the industrial specs. They assume a consumer wont be using it at 100% duty cycle and list the cfm rating for what they think a consumer duty cycle will be. I have an air compressor that puts out 11cfm at 90psi with a 60gal tank if I'm using my impact gun for extended use I have to stop and let my compressor catch back up.
If you don't mind waiting for the compressor to catch up and it's got a decent size tank then it should work for lug nuts.