The Recognition manual only provides the stadimeter with a mastheight value. So, if you do not need to measure range with the periscope then you don't really need to use the checkmark. You can still guesstimate yourself, and enter it on the TDC page yourself.
I don't know if the game is too smart to give the right credit for a miss-identified target. But that is easily tested. Assume the Trampsteamer in front of you (in the torpedo accademy lesson) is the Nelson. Set the recognition manual accordingly and make it sink. I doubt you'll get the renown for the Nelson.
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