It's actually a very simple formula, one that you can memorize(I did) after a few tries. Again, like the link said, the closer you are to 90 AOB, the better the estimation. However I got a lot of success in SHIII by starting the stopwatch(I used a mod for this and GWX has one included) when the ship started to pass my 345 degree bearing so that I could take the speed and then fire without having to get into a firing position a second time. In all my experience with SHIII, speed was the most important value for the TDC, you could be off in angle by 10 degrees but speed usually made or broke my success rate. Therefore, use Wazoo's guide to estimate heading and speed and get into a 90 AOB shooting position and then confirm the speed using this method. So here's the formula:
(3600)(length of ship)/observed time in seconds/1852m=target's speed
In other words, if it takes the ship one minute and 15 seconds to pass your vertical reticule, you would enter 75 into the observed time slot. The m besides the 1852 simply stands for meters and doesn't represent another value.
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