You probably can't delete as your stuck on the hand tool; it took me a while to spot, but at the top left you can take off the hand tool and use the arrow tool to select and delete.
As for formation flying, you can't keep an air group in formation if the group does any manouvering; the game engine treats each unit seperately. The nicest way to use torpedo bombers is to set up a single column, because that loses its integrity the least and they come in of torpedo runs consecutively and neatly.
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