Assuming you and the target are either flying directly towards each other or directly away from each other then:
D = Distance
VT = Target Velocity (speed)
VY = Your Velocity
VSm = Slow Missile Velocity
VFm = Fast Missile Velocity
T = Time
FD = Fire Delay
D + VT * T = VSm * T = VFm * (T - FD) + VY * FD
Solving the right left equation for Time T:
T = D / (VSm - VT)
Now we solve the right equation for Fire_Delay FD:
VSm * T = VFm * T - VFm * FD + VY * FD
T * (VSm - VFm) = FD (VY - VFm)
FD = [ D / (VS - VT) ] * [(VSm - VFm) / (VY - VFm)]
And there you have it.
If your ship and the target aren't heading directly toward/away each other then a few trig terms appear, but same idea.