Ditto. I originally bought my E330 with the single-lens kit including the 14-42 (which I believe would be the older style than what you have), got a 14-54 used, and marvelled at both how much sharper it seemed wide-open, as well as how much faster the AF was. That might not be quite as true with the newer 14-42 and newer Oly DSLRs, but on the 410 you should still see a noticable speed increase.
I don't know that you'll really "use" the larger apertures underwater much - but the lens quality and AF speed will both be very nice. And the vig on the 14-54 rev 1 (no need for the "II" version with the 410) should be pretty reasonable - $300ish. This lens is also environmentally sealed which again *shouldn't* mean anything UW (a flood with saltwater is still gonna eat it up) but is a little more protection for salt-air conditions (topside shots, etc.).
Of course the 12-60 gets great reviews too, but the cost is much much higher, and again, with the 410 you're not going to see some of the extra AF speed advantages any more than you would on the rev 2 14-54.