I read 2 threads shortly after I started navyfield.

The first was Emu87's thread about torp damage and how it lessens the further
away the point of impact is from the centre of your ship.
http://www.navyfield.com/board/view.asp?
Num=53104&Sort=D07&Order=re_upday&PageSize=20&Page=2&Ctg_1=&Ctg_2=&C
tg_3=

The second was Devgod's about how many torps a ship could survive with varying
amounts of SD, bulge and belt.
http://www.navyfield.com/board/view.asp?
Num=64609&Sort=D07&Order=re_upday&PageSize=20&Page=1&SearchPart=title&S
earchText=belt&Ctg_1=&Ctg_2=&Ctg_3=

In Devgod thread there's also a link to an Asian table that I think shows a relation
between torp damage reduction and the amount of belt used.
But I don't know whether Devgod and the asian guy accounted for the varying torp
damage you get based on the location of the hit. They also didn't included any
screenshots to check or replicate those results using a similar setup.
Repair rate, the gradual effect from successive torpedo hits will also taint the
results in Devgods tests.
Since I also had some additional questions not fully covered in either thread I did
some testing of my own.

The questions, results and screenshots will be in the following post.