Yes, the Precision Reflex Gen III AR-15/M16 Round Free Float Rifle Length Forearm can be installed using an armorers wrench. However, the manufacturer doesn't specify what size wrench is needed. I recommend contacting Precision Reflex for that information.
It depends on the armors wrench. The avid combo tool will not work. It needs to have strict geometry, a big U with pins coming out to turn the barrel nut. The handguard is installed onto that using a strap wrench.