In realistic terms, space missiles of this sort should move at such velocities that shape would be utterly irrelevant to armor penetration ability.
That is simply ridiculous. Torpedoes aren't fired at mega velocities, we can see that on screen with our own eyes. Ship hulls are made from Duranium, we have no idea just how tough the stuff is but it's likely one of the toughest materials Starfleet can create. If you fire 2 different style torpedoes towards the enemy ship and fire them at the same speed then the torpedo with the pointy end and which is made of stronger material will penetrated easier and further than the rounded torpedo with weak material.
That's not even true of MODERN warfare. Take the conspicuously blunt nose of the Hellfire missile: there's no pointy end on it because pointiness only makes a difference at hyper-velocities, which Hellfire doesn't use. Instead, it uses a shaped-charge explosive to penetrate armor; it is literally CONCAVE on the inside, so the blast is focussed on a single point to penetrate armor by concentration of chemical energy. Plenty of landmines and IEDs work the same way, in fact one of the most effective improvised bombs in Iraq is neither pointy nor dense, it's merely a concave disk of copper packed in a jar of explosives. Even Russian RPGs only have a pointy end for aerodynamic purposes; the hollow cone of the armor piercing rounds is the only part that does any actual penetrating work.
An armor-piercing photon torpedo would accomplish the same goal by channeling all the energy of its matter-antimatter reaction in a single direction, straight forward into the ship. If you hit the ship at a thin section, it simply blows a hole (TUC, ahem). If you hit it at a thick section, it'll carve a narrow path of destruction through five decks, vaporizing everything in its path, though emergency forcefields and bulkheads will contain it to that narrow path. Probably this mode will cause critical damage to internal systems while producing a relatively wimpy (or so it appears) explosion. This compares to other types of torpedoes that would either distribute the discharge evenly in all directions, or use the energy release to superheat and vaporize a quantity of incredibly dense material to create a big messy fireball that can more easily demolish physical structures.
Acknowledging this fact means a torpedo will have better penetration ability when made with stronger material and given a pointy end.
Only if you can make them go faster. If you can't, better to design the torpedo warhead to do the penetrating work instead. This is USUALLY easier to do, especially when fighting at close range (and based on visuals, torpedoes are rarely used at rangers greater than a few hundred kilometers, if that).=
It bugs me that there's never a delayed detonation. The torpedoes should only detonate when it's actually penetrated as far into the hull as it possibly can. From what I've seen in Trek the torpedoes detonate from the slightest of touches.
Which to me seems proof yet again that we're dealing with a type of explosive penetrator, not a kinetic one. The warhead does all the work, not the casing itself.