Think of it this way: you should call it any time when you need your submarine working at maximum efficiency. You can even see that reflected in crew/compartment ratings - they will never be 100% unless you call battle stations.
Any time you are in combat, you should call battle stations, because you don't want to risk having your boat performing at less than 100%, simple as that.
It does not affect noise levels, nor should it. The only reason I would call it off is if I were in very prolonged combat and needed to rest my crew.
You won't actually lose much when making a simple torpedo attack without calling battle stations though. But as a precaution, it's a good idea.
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There are only forty people in the world and five of them are hamburgers.
-Don Van Vliet (aka Captain Beefheart)
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