I've been told that you generally would go .2 deck, .2 belt, and the balance as you can/wish into bulge without compromising your speed.
it's largely trial and error, when you're putting on your armour (especially loading up on bulge) you can see on the stats once it's added what your speed/OH speed will be, and can adjust to your liking.
obviously, if you're in a Revenge, and you're in Blitz games, you can AW to your heart's content, as you'll most likely be playing on Hobbit Maps.
however, there's quite a few ships that now are using exclusively torpedoes on their T slots, and aren't afraid to use them en mass. you've also got bombers to worry about, especially dive bombers.
as for the guns, you'll be out ranged for a long while with UK ships. and it doesn't get any better with the KGV/POW 14" quads, which have even worse range (I'm about a full screen's width or so distant from ships that can hit me back).
mostly you try to pick your spots, target smaller ships charging, any subs that run out of air and surface in your lines (or from HH/Torp damage), and then once the numbers swing in your team's favour (6 or less BB on the other team, provided it's not a very close match), then you start looking at heading out into the enemy lines, get in whatever damage you can before either an enemy BB hits you dead, or your own BBs hog all the glory and kill everything without letting you get so much as a scratch on their paint in.
oh, use HE Light Shells instead of AP. another "Vet" word of advice I was given.