I've found out why I couldn't see the fade. It didn't work in RT's pcx-fixed build. It's back to 12_20 for me.
That being said. Are the impact splashes supposed to trail off from the fighter you hit? I've noticed that if you hit a fast moving fighter, the impact appears but doesn't disappear until it's behind the fighter. While I think this is a really cool effect, I'm wondering if it's what you intended.
And the splashes aren't really that big in-game. I think they look great.
The only thing now is that I find myself not wanting to use any weapon other than the Subach and Acheton XD