this is something I would really like to see implemented, as huge ships explosions look really bad with the ship splitting in half and exploding forever...
an option to adjust the speed the plane moves along the hull, as well as the number of explosion it generates would fix this, so that very fast moving "cutting" planes would result in explosions along the entire hull, but still give one big explosion effect to finish off the ship.
this can be "faked" with scripts, setting the ship explosion propagates to "NO", and adding more explosions through the script, but the problem with this way is the explosions won't be along the hull for long ships, and the debris won't generate in a nice way.