Getting under the land:
Sounds like you had the camera on another object. Sailed far to the north, beyond the terrain chunks. Upon returning the camera back to your sub, terrain was generated, putting you under it.
This is a known limitation of the terrain system which we're looking into.
TLAM Launches:
Did you zoom in the map, and set the TLAM waypoints in the blue circle just north of the target area? Any TLAM reaching its waypoint inside the deployment zone (blue circle) will then auto-home in on its target.
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