How about this: Instead of watching the torpedoes run in real time, you can watch them in the film viewer.
In real life, it would be hard to watch torpedoes from an airplane, unless you were flying over the torpedoes, or you had the older version that left a very visible wake. But if you could watch it in the film viewer, you could use it as a training aid, without taking away from the attempt at realism built into the game. In the film viewer, I can watch the fight from the perspective of the enemy plane I am shooting at, so I can see how badly I am missing. We could have something similar for torpedoes.