Jeremy,
I know this isn't an answer to the question you asked, but I feel that it may be useful information ( or opinion, your choice):
An Oly Stylus 300 is an auto camera. It does not allow the user to set aperture, shutter, or ISO manually. The camera was designed to capture images on land, where light travels through air, not water. Water filters light much differently than air.
If you were to add an external substrobe to your rig, you would be able to replace some of the colors lost at depth to our eyesight as a result of water's filtering trait. And blocking the onboard strobe, relying on the external strobe to illuminate the composition at a more desirable angle, would potentially reduce the backscatter.
But the camera will still choose:
High ISO's, resulting in "grain"
Wide open apertures, resulting in bland, washed out light blue backgrounds
( background exposure is controlled by aperture and shutter speed). Also, relatively speaking from a digital perspective, little to no depth of field control.
Slow shutter speeds, resulting in motion blur (camera assumes you have two feet on the ground).
There are no ways to overcome or correct these improper underwater choices that I am aware of. While adding a substrobe to an underwater rig system could improve image quality, unfortunately, imho, the Stylus 300 is not the camera to build your hopes on.
I would recommend transferring the funds aimed at this project to the purchase of a camera that offers full manual control of Aperture, Shutter Speed, and ISO. The images received underwater from a camera with the previously mentioned user controlled functions would offer better results than your rig with the additional strobe.
my opinion,
hth,
b