To do a hip shot (bow or stern) , I follow this procedure:
1. Set the speed indicator to 0 and press "Send to TDC"
2. Make sure there is a number in "Distance" in the PK. If there isn't, you will get the message "Cannot compete solution..." or something. (The number is 0 at the start of a mission, to change it, move the distance marker on the attack data tool and press the "Send to TDC", only needed once in a mission, and only if you haven't used the TDC before in the mission)
3. Make sure there is no spread set on the torpedos
Now for the fun part:
4. Point the scope/TBT in the direction you want to fire
5. Press "Send to TDC" on the distance page of the attack data tool
6. Press fire
7. Cheer as the torpedo hits its target
8. Find a new target
9. Repeat 4-8 for each target
This works in any direction.
So to do a quick hip shot or two in a pressing situation, all that is normally needed is to set the speed dial to 0 once, point, click and shoot