Yep, the torps were more effective when they hit, but the planes were more vulnerable to being shot down in their attack runs.

The best method of attack with torp planes, if you have enough, was to split them with half the force attacking the beam in line abreast (splits up the AA fire) with the other half attacking the bow (ie from dead ahead of the ship) simultaneously in line abreast, with some each side of the bow. That way, if the ship turns to avoid the beam attack, it is exposing its side to the torps from dead ahead.

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Tony Williams: Military gun and ammunition website