You cannot launch it without red alert. Simple bug. How to reproduce it ? Equip it, use it, and fire all torpedo and see nothing happen. Clicking on it manually also does nothing. That requirement is a little counter-intuitive. You should be able to shoot it regardless of red/green alert.
Second bug. Even if the torpedo finds it target after minute of tracking it can simply MISS. That is a huge WTF moment ? How can it miss ?
The speed is abysmal. It might be good in T2, but in T5, every ship can outrun the torpedo on normal speed. It simply must fly faster, at least at the speed of regular photon. Perhaps improve the speed dramatically with sensor rating. It's a special console, not a team up made with science officer and doctor making surgery on a torpedo. Considering every romulan ship gets free battle cloak, this console should work much more better when it is on 2 min cooldown.
Keep in mind, it's a PvP mostly console. In PvE enemy always decloak when you are near so you do not need it.