[CCIP]

It might work, you have a chance. Not a very good one, but yes, even ignoring the premature tendency, you have to keep in mind that the waves will mess things up. While torpedoes in SHIII will go straight and level regardless of weather (not as in real life, where they would obviously go up and down with the waves), the ships will definitely go up and down and drafts of individual sections of the ships will change. This can be a problem because your torpedo might either pass under, or more likely, bump into the ship as it's passing under it, before getting armed.

To make this simpler - it's definitely possible, but depending on the target it might not be worth the risk. I'd give it a very low chance of working, and a very high chance of not exploding, hitting the ship before arming and going dud, or otherwise not functioning. Given the impromptu targeting there, I'd give this a 10% chance of success at best. Is that worth a precious torpedo that could sink a whole ship under good conditions? Up to you...