Just dug out the thread where I found this, looks like I've been doing it wrong all along. It's .1 second penalty per point down, so a miss is 1s not 10. Although it really did put more emphasis on accuracy.
The scoring breakdown as per Ben Stoeger:
For production gunners:
40 or below GM
45 or below M
54 or below A
62 or below B
70 or below C
Above 70.01 D
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