Hi PJ, that would depend on whether your delay effects are stereo or not among other things. Since the Torpedo is mono out, placing the delay after it would allow stereo or wet/dry/wet.
If you were to place the delay before the Torpedo you would need to insert it at a point that the signal is at line level ie either prior to the pre-amp or in an effects loop or post pre-amp if using the line input on the Torpedo. If your amp/ pre-amp contributes significantly to your distortion sound, a delay placed before the pre-amp will have a sound that is less distorted for each tail of echo...well more distorted by the tape or bucket brigades perhaps but as the level of each echo decreases, as does the amp distortion....this would emulate most 70's echo players live sound....think Tommy Bolin, Jimmy Page etc. also be aware that if you use boosters or overdrives to slam the amp, the echo may not be happy....BSM makes a box for that but that may be more of a headache ($$$) than it's worth...unless you're doing a Blackmore or Bolin tribute.
You could make a very effective W/D/W rig using the speaker through connected to the dry amp's speaker and run the Torpedo out to the wet rack input. I would guess the only challenge would be how to monitor the wet rack (if required)....maybe some powered monitors (Qsc k-series/EON/Mackie etc.)?
If any of this is not clear, perhaps you can detail your set-up and I'll try and make a suggestion
Andy