Ok about the salvos :
you could link any hardpoints together ie 1st and 3rd, 2nd 3rd and 4th etc, or all.
each missile still locked down in it's own time and way, however you saw only the fastest locking missiles's sequence (excluding DF wich have none...) however when you fired, only missiles that were already locked on the target fired (ie if you were charging Flash heads on with all banks, you fired only imreks, and no HS's this is also reason why you didnt fire torps usually)
I actually used it quite a lot in the last missions of WC3, with my excal carrying at least 2 banks of DF's to kill capships fast and nice
@Backlash also note that longbow has 4 missile and 2 torp banks making it a total of SIX banks.. generally:
arrow: 4 missile banks, 2 missiles each (4 total)
hellcat: 2 banks, 3 each
excalibur: 4 banks, 3 each (or 2 banks 3 each + 1 bank with 1 t-bomb)
t-bolt 2missile banks 3 each + 1 torp bank with 1 torp 9, 3 total)
longbow 4 missile banks 4 each + 2 torp banks 2 each, total 6 banks