DM said:
Its not too bad for cruisers. Gets more cranky against battleships
Can't really complain against the historical record given that the Japanese never managed to put a Long Lance torpedo into a Battleship.
Attacks against ships in dock, especially at Pearl Harbor, aren't representative; the crews usually weren't expecting a surprise attack, limiting damage control efforts and watertight integrity was quite likely compromised. At the Battle of Taranto, the Italians were sure (as was everyone but the British apparently

), that you couldn't launch air dropped torpedoes in 35 feet of water. Conditions like that would magnify the effects of every hit, even to the point where a small bomb can destroy a battleship like the Arizona due to an open hatch.
Still, we can look at other incidents.
Yamato seems about right. 23 dive bomb hits, 1/3 of the damage dice would penetrate armor (super AP vs Armored Deck w/ Armor Value 6) x 3 damage dice each. 23 damage and 4 critical hits (average). 10 Torpedo hits deliberately made to the bow and stern to avoid the thickest belt armor, 1/3 of the 40 damage dice would penetrate (AP vs Armor 6), 13 damage and 2 more critical hits (average). Torpedo criticals average about 2 damage points each. 23 + 13 + (6 x 2) = 48 damage. It would only take a little bit of luck to have caused those extra 6 points of damage needed to sink it.
USS Carolina took a torpedo from the spread which hit USS Wasp (see below), within 5 minutes she righted the 5 degree list and was still in formation at 26 knots, little the worse for the incident.
Might as well take a look at carriers as well, although most of the damage is combined with bomb hits.
USS Hornet took 4 bomb hits and 3 torpedo hits (not to mention having 2 divebombers crash into the deck), roughly 14 damage and a couple of criticals before being ordered abandoned and ordered sunk by the US Destroyers Mustin and Anderson. 9 US torpedo hits and 400 hits from 5" shells and she was still afloat when the Japanese chased the US destroyers trying to scuttle her off. Four more torpedoes later and she sank.
USS Lexington took 3 bombs and 2 torpedoes, producing a 7 degree list. 100 minutes later she was on an even keel and making 25 knots, preparing to recover her air group. An internal gas vapor explosion started a fire which eventually sank her but she certainly survived the initial damage in good order.
USS Wasp took three torpedoes from a Japanese submarine, hitting fuel bunkers and magazines. Internal fires and explosions eventually sank the ship.
USS Yorktown took 3 hits from dive bombers, recovered enough to make 20 knots, then took two more hits from torpedo bombers; despite believing the damage to be mortal, salvage operations began and while being towed to port she was attacked by a submarine, taking two torpedo hits. She didn't actually sink for two more days.
Looking over the historical record, about the only change I feel needs to be made is that fires should have a chance of causing more critical hits. Several capital ships, including Yamato, saw fire reach a magazine with catastrophic results.