Yes. First, torpedo the Targu II that's right in front of you at the first nav point. Next, make sure your wingmen stay on your wing for now, otherwise they'll get hurt needlessly. Then focus on shooting down fighters as quickly as you can. When you reach the second Nav point, torpedo the Targu II in front of you (yup, again). Have your wingmen stay on your wing once again, and destroy all of the fighters (yet again). Next, wait until your remaining allies run out of torpedoes (you'll know that happens when no more bombers are attacking the capital ships). Then attack the remaining capital ships with your last torpedoes. It probably won't be enough to finish off every capship, so tell your wingmen to break and attack, and this time, it should be enough to fully complete the mission.
If you're having problems staying alive, remember not to waste too much AB fuel. Sometimes it's better to taunt enemies into attacking you than to chase them around endlessly.