Jeff
LED has a narrower and spikey Spectral Power Distribution (SPD) compared to Tungsten/Halogen, and these spikes can be problematic when you have colors that occur in the range of the lows in the SPD, when recording into the sensor. CRI is based on visible spectrum to the eye, not a measure of photographic quality. LEDs are slowly becoming more prevalent in the set lighting world but there are issues that manufacturers are working hard to remove.
I found this when I used some cheap chinese made LED panels for lighting at night at a party once. I was also using an off camera flash strobe for stills and the color difference between the strobe and LED panel was significant. The narrower band of LED made certain rich colors look dull including skin tones of certain people. I now stick to Litepanels! I've been very interested in the Litepanel SeaSun but stuff I shoot now just makes lighting difficult. You may wish to check those out, especially the 1x1 Bi-Focus.
It's been known that CRI isn't as important as the limitations show up on the sensor output. For pool work, I suggest you buy refundable lights and test, test, test!
I should add that the color depth of underwater subjects is probably more demanding for you in the pool since your models also do fashion. Google Daryn Okada, I know he did a test on LED lights for video and film either last year or early this year. I can't find the pdf on my computer.