The torpedo preset depth is not the problem.
In the stock game, the AI always sets the torpedo depth to be very shallow (like 2-30ft) because of a number of issues I'm not going to get into here.
The problem is that the torpedo is hitting the water with too much speed and carrying it into the bottom before it can establish attitude control. My suggestion is to use the MK46 in very shallow water because it is lighter and won't travel as deep, and also to hover the helo before releasing the weapon to minimize its entry speed into the water (I'd use a combination of fly-to and torpedo drop waypoints).
Keep in mind, there definately is a minimum water depth at which you can use airdropped torpedoes.
Cheers,
David
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LW

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