Here's an idea -- thread on IS tactics employed by gamers here.

I can start, because I'm always willing to talk about what I do to ensure the needless deaths of my crews.

FACs (selection)
I never like to have a torpedo bomber only approach to FACs, if torpedo bomber is even an applicable label.

If I have a carrier housing six of the little ba---ards, I like to have at least two of them being assigned to a CAP role (again, probably the wrong terminology).  IE -- with an Austrian or German fleet, two would be Gefrassig, while the other four would be Harpune. The idea would be to have at least a couple of platforms with the right weaponry to shoot down inbound fast movers.  Light guns and machine guns and rockets on ships just aren't enough to kill them before they reach you, unless your opponent has screwed up and isn't watching where his FACs end the turn.

FACs (active or re-active)
ALWAYS like to go active when I have FACs on the board.  It maximizes their "shoot first" ability. 
IE -- I have my four Harpune FACs with torpedoes.  I'm rushing an enemy cruiser that's screened by a couple of friendly attack craft.  If I've got the right range and momentum, I can walk my torpedoes into that hull before anyone can respond.  Who cares if the defending FACs move after I do?  They're gonna scoot close to guarantee a kill.  But they can't stop the attack run.  And if I land a X4 torpedo into a battleship, that's four hull points, at 3 to 4 points each.  12 to 16 VPs, and I lose a single 7 point FAC in return.  If, as the Pescecane is feasibly capable of, I land TWO hits, I have eight hull points worth 3 to 4 apiece.  That means 24 to 32 victory points for me.  Yeah!!!

For those FACs on CAP duty, going active against an attacking FAC torpedo bomber means I can move close to the ship I'm trying to protect.  And if that enemy is stupid enough to run at that cruiser or BB, the defending attack craft gets to shoot first -- and if you're fielding a Gefrassig, that ensures those torpedoes are never going to get launched.

FACs (load outs)
I like two powerful D6 torpedoes.  X4 damage has meant I can get two on one FAC.  And at point blank range, that means even against a battleship with an armor rating of 4, It's likely I will land at least one hit (3+2 for the reduced protection + 0 for range = 5+).  Two attempts at making 5+ are 66%.

A single long range (D10 or better torpedo) isn't quite as good in my mind, as the advantage of an FAC is mobility, not range.  And a single D6 with X5 damage is an "all or nothing" one shot deal.