I also use TM and I actually find that with a manual speed of about 11 knots I get real decent fuel consumption/conservation. As far as the distance you can travel at your current speed I find that it is modded fine. I've tested this to within 100 miles of empty. I'm sure someone who knows more will correct me but you are right when you say the slower you go the farther you can travel. The only problem with this is that yeah, you can travel tens of thousands of miles traveling on the surface at 1/3 speed but it will take you forever to get there. 2/3 speed or even a little more (11 knots) will give you the speed and distance to get you to your patrol area in a timely manner and still give you the range to make it back to port.
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