I love it. and I am going to shamelessly steel this.
>Apparently, the Exocet would have been more effective earlier in the war, if it had been set up correct.
I think this is wrong. The Exocet did it's job. The Argentines only had a limited number. (I think 8 or less) by the time the war started. They were also hampered in there ability to search for ships due to equipment maintenance issues. Had they had the missiles en mass and the ability to correctly search for ships, the brits would have been in trouble.
The bombs going through the ships unexploded were dumb bombs. It was a testament to the Argentinian pilots that in a day and age of smart weapons, they still managed to get the job done using old fashion approach and drop methods. What failed them was what you stated. The fuses on these bombs were set for too long a time period. They hit one side of the ship and came out the other side without exploding.