Bob,
The reason the consumer digicams can sync at such high speeds is the electronic shutter; the pixels themself turn on and off. Based on my understanding of these circuits, I think they should all work this way. I'm only able to verify this directly for the Olympus. You should be able to test this out for the G2 in a couple of minutes. I would be shocked if it didn't work. DSLR's and of course film use a mechanical shutter and can only sync at a much lower speed.
Since I don't have the hardware you're using, I can't help you much with the issues specific to the G2, DS125 and TTL. For big subjects like a shark, I would try to shoot on manual at full strobe power and control the exposure with the aperture and see if that works.
I did not realize how dark it was where you were shooting. If it was dark and your strobe didn't work, perhaps you did as well as can be expected under these conditions, and using film or a DSRL probably would not have made it much better.
It is still true that you should meter the blue and fill with flash, but you have a choice on the shutter speed and aperture combination to achieve the proper background exposure. Unless you like blue looking subjects, it's best to choose the fastest shutter/smallest aperture for that exposure until you are limited by the available strobe power.
Herb