One round reload time is standard in my game (this also applys if you want to change your launchers load torps to probe or q-torps etc...), also I ruled you can't target locations with torpedoes.
There are some ships in my game that get to ignore the timed reload rule however, The Akira with it's uber-redundant launchers.
Phoenix...
"I'm not saying there should be capital punishment for stupidity,
but maybe we should just remove all the safety lables and let nature take it's course"
"A Place For Everything & Nothing In It's Place"