Does the Stingray 1 have a flat port or a standard port? I don't know that model. If it's a flat port, it's likely that any newer TRV series camera will work. All of the Sony HDV cameras would likely fit also but you might have to contact L&M to see about an electronics upgrade.
If it's a fitted port, you're limited to the TR-series cameras that will fit since Sony's changed their lens orientation since those days. That would be the TR101, 91, 81, 71, 700 and couple others. All are analog and most are 8MM or Hi-8. So you'll have to have an analog capture card or device on your computer to transfer the video for editing. btw, I bought a TR700 on eBay a couple years ago for $100. And it's a much better camera than the 101 - was the top of their line in that time period. So $250 seems like a rip-off.
I'd suggest that that's a lot of work for less than stelllar video output. Analog is so 90's.
Also where did the flood occur? If it was in salt water you may have issues with the electronics in the L&M as I don't think they're sealed.
A better solution might be to sell off the housing and upgrade to at least a MiniDV format camera. Add a $20 firewire card to your PC (Macs already have one) and you can capture video. And the video quality is so much better.
What JVC camera/housing are you looking at?
Before I'd spend $1679 on it, have you seen the Sony Equinox/Sony HDR-HC5 deal at B&H: http://www.bhphotovideo.com/c/product/4927...ater_Video.html It's an HDV camera(tape) with a good quality mechanical housing. For $1459...Or for $10 less you can get the Canon HV10 in a Pro-Pak housing. They're mechanical housings though so there's a limited upgrade path. With the HV-10, I'd assume it's just for that specific model.
Both are 1080i HDV so the picture quality is about the best there is for under $1500. And the Sony can output in SD in case you don't have the editing computer power needed to edit HDV. I'd guess the Canon can also just haven't looked.
If you want electronic controls, there are options around the same price as an Ikelite housing. Ocean Images has a couple of models under/around $1000 - depending on your camera choice. It might be possible to be under $1600 for a complete setup. Or even buy a used HC or TRV series camera off eBay. Also consider a hard drive camera like the new Sony DCR-SR62. It lists for $649. But it doesn't have a firewire output (Sony calls it i-link) so it's limited to USB 2.0 output. I'd guess it would fit in their Dolphin Pro model, but check with them to be sure.
Ikelite's are pretty model/series specific since they have to locate the mechanical controls to work with your camera. So usually you're limited to that specific model for the life of the system since most camcorder manufacturers seem to delight in relocating controls every time they introduce new models. Which I why I own an electronic housing.
Hard drive cameras have either firewire or USB 2.0 ports. So there's no worry about transferring the video quickly. My personal preference would be firewire - Sony calls it i-link, since it also allows for real-time camera control with most editing packages. One consideration with a HDD camera is that on a long trip you might need to transfer the video to a laptop or other HD-based storage device.
I wouldn't get a MiniDVD camera for underwater. At the highest resolution (why would you shoot anything less) they have really limited recording time. Less than the highest resolution is only good for Youtube. And since the footage is finalized in the camera prior to viewing, in order to edit it you have to convert it back to an editable format. There are a couple of programs that do this, I think Pinnacle Studio is one that now reads the format natively, but not all Non-Linear Editors do.
Most everyone I know shooting HDV does so on tape. Since only recently have NLE's been upgraded to support the AVCHD format that HDD camcorders use. Five years from now I'm guessing we'll all be shooting HDD - or more likely directly to memory cards.
my .02
