I looked at Expodisc to try to understand what you were suggesting. Not sure I fully understand the process, but that's never stopped me from commenting before! Actually, I understand the device, but the resulting jpg must be a D60 thing???
Perfectly clear water is a color filter that has a peak somewhere in the blue to blue-green range. As you increase the turbidity of the water, the peak gets lower in frequency, First it turns green, then eventually yellow (brown). In addition, the color balance of sunlight changes throughout the day as I'm sure everyone knows. Finally, the angle of the sun as it strikes the water changes the color balance of the light that passes through the boundry.
Most of this doesn't effect Eric's idea of balancing strobe light, of course, but the turbidity of the water and the length of the light path do. Shooting in a pool would give you a well-understood reference but it wouldn't represent actual dive conditions.
It is my understanding that each foot of clear water provides the equivalent of (as much as) -5 mireds of temperature shift and about 2CC of green. I don't think you'll get universal agreement on that, but it is consistent with both UR Pro and Aquacolor filters. These units are standard for photographic filters but I can explain them if anybody likes. Essentially, clear water forms a blue filter but allows a little too much green through.
You can see that predetermining white balance in the way Eric suggests would be useful above water, but below water it would only be accurate for water similar to test conditions, for strobe light only, and for a single water path length. I like the idea, but I don't think it would be as useful as you'd like. I'd love to see the results for various strobes, though. It would be "illuminating".
Now for macro shooting where you have strobe light only and a water path length of, say, 4 feet, this will probably work. The trouble is, the water is contributing only about -20 mireds and may 5-8CC of green. To offset that with filters, you'd use the weakest magenta filter available along with an 81A. In white balance terms, if the strobe were 5500K, the light entering the lens will be 6200K. Not a great deal of difference. You could just create your custom white balance jpg out of the water and add an 81A to your macro lens. I personally think this is a great idea, but I will be using an 81EF. The reason for that is material for another post!
Sorry for being so yakky.