Looking into the defines file and hopefully reading it right reveals the following factors applied when certain conditions are met:
Light Guns vs Light Ships -> 100%
Heavy Guns vs Light Ships -> 25%
Torpedos vs Light Ships -> 10%
Light Guns vs Heavy Ships -> 10%
Heavy Guns on Heavy Ships -> 100%
Torpedos on Heavy Ships -> 110%
I might have read the file wrong but this should be the damage output of each type of weapon against specified enemies.
I thought those where for target selection not damage output.
Thus light guns are much less likely to shoot at heavy ships IF there is the option available. If it's the only target available then they would fire at full power (which armour would then knock down to negligible)