For REAL torpedo bombers, of course, it varied depending on which country you are talking about. The Japanese had developed torpedo bombing to an art form, and their torpedos were mechanically more reliable than the American counterparts. However, this isnt RL, this is Aces High. So I'll give you the alt's and speeds for the RL bombers and then what I've found that works here.
Requirements - MAX SPEED (US - 110 mph, Japan - 180 mph) MAX ALT (US - 150 ft, Japan 350 ft) EFFECTIVE RANGE (US - 1000 yds, Japan 1500 yds)
I doubt HT models the differences for the various torpedos that were available. So I assume the minimum data is what I need to use to be safe. In other words, I use the US data, and ignore the Japanese data.
The lower you can get, the better. The Requirements listed are MAX's, so less than that is acceptable, and actually preferable. So here's how I line up for a drop. (I use a Kate for this, as it handles best at low speed. I'd stick with this for practicing until you can get down to your drop alt, line up, and get a torpedo off successfully, then you can switch to Ju-88s or Ki-67s or B-24s or whatever you like that will use formations and give you 3 torps instead of 1).
Get out over the water and heading in the general direction of the CV. Get down to 100 ft and get your speed under 200. Hit the X button to put yourself in auto pilot and wait until you are level and your speed is steady. Slowly decrease your speed down to 150. Use the elevator trim to bring yourself down to about 50 feet. Pause for a moment and make sure everything is stable, you are level and your speed is steady. Arm the torp. and check your target. Remember that you only have 1k yds before the torp is useless so you have to get close enough. I always hope someone tries to takeoff from the carrier, it gives me an icon to judge distance (a bit of a cheat, but I'll take it). Hopefully, someone else is attacking the CV from the other side and drawing the fire of the ack, so you can get close enough to make your delivery. In a kate, if you are lined up broadside, turn until the bow of the ship is about 2/3 of the way down the length of your wing, level, check your stats, and drop. Unless someone turns the CV, you should get a hit.
I'll say this, its damn hard to get in close enough to get a torpedo hit unless someone else is drawing fire for you. Having a formation helps too, because you get 3 torps. With a different plane, you'll have to adjust your lead on the target for your drop. Good luck.