nataraj,
works great, this is the way i sink 'em most of the time. it is especially useful in convoys. (with singles, i use multiple observations for estimating course and speed and a special table for estimating speed with the hydrophone as a second opinion)
I made a sheet for this some time back, it has some more data that you may be interested in;
http://opspin.net/operationspinnennetz/
look under Downloads. Torpedo bearing table.
btw there is also another sheet around which has calculations for other degree shots as well (45 degree and others). You may have to search for this a bit though.