If you're not on silent running, here are a few other tips.
1) It's a good idea to have one or two petty officers qualified as torpedomen, this can speed things up a bit.
2) I generally try to give one of my officers the torpedoman qualification as well, that way in a crunch you can toss that officer in the torpedo room to max out the green efficiency bar over the compartment.
3) If you're not concerned about realism, there is an option in the realism settings called "realistic reloads." Un-checking this box will speed up reloads to a very un-realistic speed, but it's fun for just practicing/screwing-around.
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