Speed settings do indeed make a diference, the faster the torp runs, the less likely it is to be avoided, but electrics have the advantage of never being spoted.
Personaly I use a mix of both in most cases, though generaly prefer the G7a, today managed to hit a large merchant in a convoy with 3 from a spread of 3 at 7500 meters, but ofcourse after the greatest longshot i have ever pulled i was proptly killed on my way back home by three destroyers which bernard never reported before the first depth charges exploded next to my boat. Shot was taken with manual targeting using the OLC ui