I've never trusted the fast option. I reckon its messes up the impact pistol and makes it misfire*.
It also means you sometimes can't get too close or you'll dud out due to the torp running too fast; a nice and slow approach takes a longer course to the target, hence it has a longer time to enable.
(I also only trust mag. when in absolutely flat seas or harbor raids, and even then, I'll only use them if I have to shoot down the throat or up the the other end.)
*You know how those feelings go. If you get more duds with one setting, and less with another, you'll go with the latter
O, and I use mag. on DDs, of course, but I try not to tackle with them.
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