I've done some more experiments, trying to make a torpedo you can fit more of on a craft and I've gotten to another well working design.
It's slightly longer but thinner than the WaveRider and comes with a minimal launching system, consisting of just a single detacher.

Remove the cockpit and save the torpedo as a subassembly to put it on your existing and future crafts.

AG1 launches and activates the engines (responds to throttle control, best is to keep it at 100%).
One of the bombs in the front also has a camera, accessible with F5 when using a keyboard.

Cruise speed in the air is ~700 MPH, in the water 260-270 MPH.

Contains 122 gallons of fuel for very long rides.

One Bomb 50 and four Bomb 25 are combined to one 1500 lbs warhead.

It's 100% accurate and stable.

Tested successfully at up to 1000 feet above sea-level.

Enjoy! :)