Micro43 is a good solution, I think it's the sweet spot. If you look at area of sensors, you TG-5 is 29 mm2 and a m43 is 225 mm2 a 7.5 fold increase and the biggest jump between sensor sizes and this is important for noise and dynamic range, your TG-5 should produce nice prints when well exposed and at base ISO, above that noise starts to creep in. APS-C and full frame are better but at base ISO or thereabouts not that much better, the difference is more apparent when you are pushing ISO for low light shooting.
MP is not everything a 12 MP camera can produce nice prints.
I always suggest looking at it from a total system perspective which includes costs of housings and ports, available UW suitable lenses and their price and portability. Looking at these items:
Price: if you are looking at Nauitcam or other quality housings an Oly EM-1 II housing is around $3000 (Australian prices) while an A7II housing is $4550. The change gets you 2/3 of the camera for an EM-1 MkII
Lenses: Oly 60mm macro $470 Sony 90mm macro: $1387 Sony does not have a native fisheye lens. You buy the Panasonic 8mm fisheye for about $900.
Domes: you can use the Oly 7-14 in a 170-180mm dome, the equivalent on full frame needs a 230mm dome, price and size difference for traveling is significant.
Portability: my setup in a Think Tank carry on size backpack, in here is housing, 170mm dome, 100mm fisheye dome, macro port, Oly 12-40 and 60mm macro, Pany 7-14 and 8mm fisheye, two INON Z-240, spare batteries, optic fibre cables etc which will fit in overhead or under the seat in front on just about any plane:
http://homepages.ihug.com.au/~chrisx2/images/IMG_2948.jpg
I shoot with the EM-1 MkII and I use C-AF plus tracking and find it works really well.