1: It's half, rounded down. The first, and then every second, kill doesn't count. Depending on skill and turret that is quite a bit less than half.
2: Torpedoes and bays are cheaper, ceteris paribus you will launch (slightly) more than 1 torp for every 4 missiles.
3: Against medium armour (say 15?) you can get away with launching Multi Warhead Torps (with an additional -DM to PD), but not Multi-Warhead missiles (as MWM will bounce on armour).
3: More torps arrive at longer ranges.
IIRC, it kind of evens out, at least in HG'17.