Hi James.
I've been looking into the whole issue of white balance, raw modes, conversion before vs after in photoshop, color profiling, etc.
I've also played with it, to some degree with the G2, whose results you have seen.
I think that shooting in auto, underwater, is probably a mistake. It makes assumptions, (like all this blue stuff must be sky, and should be light blue...), that change with depth, vis, daytime, etc.
The goal is to get a work-flow that is at least close to automated - so you can batch process entire directories through some or all of the steps.
To me, it seems that a shifting white balance, due to auto, is not going to help this.
In fact, with the G2, shooting raw, I can and do adjust the WB after the fact, when converting raw to tif. The tools let me see what it would do in auto, sunny daylight, cloudy, tungsten, flash, etc. And it lets me do manual, by selecting a location in an image, and telling it that spot should be neutral - gray to white.
When it converts, the image is often startling. I mean, all the blue cast goes away, and it looks like some strange seen with no water.
This is the same thing you would get, (I think), by doing manual - to much over correction, I think. But it is certainly worth throughing into your bag of tricks.
I found I had to increase contrast in photo shop, much of the time. Try an auto-level, (which either works or ruins it - in which case just undo), and then try auto-contrast, which does less, but seems to be safe.
Want to share an image from the pool, to give us an idea of what you mean. What are you doing for strobe? What distance, f-stop, and focal length in your pool?
Oh - another thing - if the cp5k has auto ISO, you probably want to turn that off, so that it doesn't change all expectation on you..
There have been a lot of great discussions in the dpreview forums.
Good luck.