Launched torpedoes would be replaced by sea-water, same as with VLS, so there should be no problem with buoyancy.
Also VLS is in fact such system. It's not accessible from inside, though I'm not sure if it's inside pressure hull or outside.
Problem I see is that no maintenance would be possible. But then VLS missiles don't need any, or it is done by wire (I guess).
Then there is problem that you have explosives outside your hull, and they do not work as good bumper.
Which reminds me .. hey ! Russians use external tubes for some time now. All problems solved.
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