If your target is escorted--forget it!
With unescorted merchies, I usually fire when relative bearing of ship is about 30 degrees. This will give me an AOB of about 80 degrees when the torpedo hits, and the target will still be on a relative bearing less than 360. I can still launch and hit the target before the AOB is near to 80 for the second torp.
If I fire from rear tube, I immediately order hard port or starboard rudder and increase speed. By the time I've made my 180 degree turn, the target is still in a favorable position for a second shot.
I sometimes will parallel the target's course and fire a torp as long as the gyro andle is less than 80 degrees. If target is unarmed, you can surface!
Good hunting!