Another reason to choose a slow speed torpedo is that the amount of lead required is bigger. If you are in a position across a convoy track and want to hit a target a couple of collumns deep the bigger lead might prevent a really long target (in a closer column) to act as 'bodyguard' for the intended target. Small lead could allow it to catch the torpedo by means of it's bow sticking out. A counter-argument however is, usually the longest ships are the heaviest and therefore the most tonnage/renown. It just gives you some more margin of error. Allways usefull in tense periods like these.
And the torpedo takes longer before it goes boom, so you also have more precious seconds to get down below or get out away on the surface.
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