Focus peaking works fine with the Nikonos.
I've written a review of the A7II (not R model) and Sea & Sea Housing system on our blog here. (Note; I've made some edits to it this morning 9/9 to clarify a couple of technical points.)
My bottom line is that for stills it's good system, but not as good as my D800. For the cost and size of the system after adding in the large full-frame lenses and ports, I just don't see why you wouldn't want to just shoot a full-frame DSLR. In the water, the size difference is small and I didn't find the dynamic range and sharpness to be as good. Phil and I diagree on these points.
I think the A7IIR is a potentially great video camera though.
If I wanted a smaller system, I'd go with the E-M1, it shoots at least as good as any cropped frame DSLR in my book and is much smaller and less expensive.