Hey Rand -
there is NO setting you need to change on the d70.. just plug into hot shoe and connect your dual synch cord and you are off and running. As a 5050 owner and a d70 you will find the d70 effortless for underwater photography.. it almost took some of the old fun out of using the 5050! You know, set shot up, wait for fish, wait for focus, wait for camera to write, see if you got shot and start all over.. I didn't really realize how much the shutter lag was hurting me until this past trip to Cozy. My wife is now learing how to use my 5050 (moving up from Nikonos). It'll be my backup camera for most trips since it is so easy to carry..
I left all other settings on camera to 0 or normal.. Leave the LCD at 0..you may want to change topside but underwater the result on screen is pretty close to actual exposure.
Also, shooting in AF-S mode. ISO 200. White balance auto.
M.