I don't want to be a party pooper, nor start a discussion on the ethics of photoshop manipulation, but i'm more skeptical about the concept of adding the snout into the image. I would not say it's publishable, though i'm not quite sure where different photo agencies & magazines draw their lines.
I guess it all depends on what you wish to do with the image. If you want something nice to frame on your wall, then do whatever you want. If you want to distribute the image commercially, the manipulation needs to be specified. Its all too easy these days to just change something in PS and we all begin to wonder if some photos are 'real' or not.
Personally i started as a photojournalist, so try to avoid the concept of changing the reality of an image. In journalism its 100% unacceptable.
I think most consider removing backscatter ok, as I do. I've even layered a couple over/under images with 2 raw conversions of the same image and blending to balance the above & below exposures (not for journalistic publication...). Similar to dodging/burning just more efficient.
On the other hand, i've started doing a lot of interior work and am trying to come to terms with the fact that much architectural photography is heavily manipulated, to a surprising degree. And its often commercially acceptable in that industry.
I do think its a little much to try and get rid of all the bubbles in that second image, it would be really hard to make it look natural. Hoards of bubbles in an otherwise beautiful image like yours is always disappointing, maybe we shoudl all switch to rebreathers!!
I'm certainly not trying to tell anyone what to do with their images, just playing a bit of devil's advocate, another perspective to consider. cheers,
chris