An improved impact power tool for carving and engraving an article comprises an air delivery system operable to communicate with a pressurized air source; a drive assembly operable to receive air from the pressurized air source via the air delivery system; a hand held device in driven communication with the drive assembly; and a housing for storage of the air delivery system and drive assembly. The tool includes an improved valve design, a throttle bias valve, and an air storage tank housed within the housing, and an improved housing construction. The improved valve design and air storage tank enable greater stroke speeds of a work tool over a wider power range while also improving the crispness and speed of the impact reaction time over the entire range. The throttle bias valve is in communication with an additional exhaust path, such that the bias valve allows improved control of the hand held device and improved operation over a wider range of air pressures.