Actually, the wood-cased watch is just a repeater for the working stopwatch in the periscope and UZO views. It will do more than just time torpedo runs. It will run any time the peri/UZO watch is running. BUT you can't control it - start, stop, reset functions don't work. You can use it on the nav map to measure intervals, but you have start the peri/UZO watch, then go to the nav map and use the wood-cased watch to make your observations "on the fly". A bit inconvenient, but limited by the sh3.exe code. Maybe someday, Maestro Stiebler will give us a patch to make it fully functional. (Hint, hint!
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