For US style attacks, where torpedoes are not wasted and we get as close as possible, the range is entirely unimportant, as we will never use a third of it. Long range is good for DD attacks on opposing fleets, where aiming isn't really used aside from putting a number of topedoes distributed inside a sector from long range in the hopes of getting some fortuitous hits.
Our subs don't carry enough torpedoes to make that a tactic worth considering.
From our standpoint the 46 knot US Mark XIV is superior to the 40 knot British Mark VIII, but slightly inferior to the 50 knot Japanese Type 97. If you consider the 45.5 knot British Mark VIII (were there two variations?), it would be equivalent to the Mark XIV.
In torpedoes fired from submarines, speed = accuracy because there is less time for the enemy to react if they detect the torpedo on the way, or to make a random maneuver that ruins your shot.
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