I use only one torpedo for a small merchant, but still I try to get them. I tend to use deck gun though.
Of course there`s a risk of firing torpedoes at small merchant only to meet tankers when your tubes are empty... but that`s the risk. And I don`t care so much for it since I noticed that historically most patrols ended with moderate results , like one or two single merchants for total 10,000 BRT. Therefore moderate results seem to be OK for me.
So I don`t feel I HAVE to end every patrol in every carreer with, say, 35,000 or 50,000 BRT.
Funny thing by the way - I`m sure that all the players active here sank altogether more vessels in game than there were destroyed in the real BOA.