Ok ok, new idea!
Background
So far I consider it established that m4/3 with WWL-1 would make for a significantly smaller and cheaper package than D850 + WACP, at the cost of not so much optical performance as about two stops of sensor performance. Choosing between them I'm inclined to give the nod to large and heavy. However, I'm still balking at both cost and weight. But last night I looked at the WWL-1 port chart and homed in on the Sony E alternative.
New idea
What about going for a Sony E (APS-C), such as the A6500, with the WWL-1? Let me go through some aspects of that.
Sensor
Assuming equivalent sensor technology, which is often more or less true today, I will still lag about a stop behind the D850, plus of course lose a lot of pixels, going down to 24 Mpix. On the other hand I will gain about a stop compared to an m4/3 solution. This will be a compromise and I will have to think about it.
Autofocus
Ok I may not have the AF of the D850, but still, the A6500 is known for having good AF, right?
Lenses
I know there is a dearth of native underwater lenses. Let's look closer at that.
For the WWL-1 it's the 16-50. I know that's considered a mediocre lens at best, but for this purpose it may be fine. It has to be zoomed in to 20 mm which may be a bit of a hassle but it's probably ok.
Macro: The CMC lenses work with the 16-50, but I don't know how well. The lens port I would use for the WWL-1 also allows the 30 mm Sony macro which I suspect is a mediocre solution with too short working distance. On the other hand the 30 mm macro is cheap. The best macro solution may be the Canon 60 mm with metabones adapter.
Fisheye: No native fisheye, but there is the Tokina 10-17 for Canon with metabones adapter.
I don't know how well AF works with the adapter, but if it works well, wouldn't that fix me up pretty well? Oh and there's also the Sony 10-18/4 if I'd like to go classic wide angle.
Strobes
It seems I may be able to use TTL at least with the YS-D2J without any separate TTL converter. The Inon Z330 isn't mentioned and I should probably ask someone, but I'd think it will work.
Topside
I have no particular yearning for the Sony APS-C topside and I suspect Sony will pretty much abandon it, to the extent they haven't already done so, despite the A6400 being recently released. But if I look at it as a pure diving solution it may not matter that much if Sony loses interest.
Summary/Question
This write-up is done purely on specs, no actual experience. Have I missed anything important? Is there a good reason m4/3 seems much more popular than this solution?
Edit: ok, flash sync at 1/160 s is a letdown.
Edit2: according to http://www.uwphotographyguide.com/sony-a6500-camera-reviewthe shutter speed is limited to 1/160 s when the popup flash is up. That could be a deal breaker. Surely faster shutter speeds are sometimes required.
Edit 3: Possibly cumbersome handling of AF system. New A6400 may be better, but no Nauticam housing (yet). Possibly slow recharge of popup flash, could be better with electronic triggering but it's unclear to me how to achieve that. So far there seems to be a number of compromises and gotchas in addition to the lost sensor area compared to the D850. Still, it's about 5 kg lighter and, in Swedish prices, something like $4000 cheaper, even counting the fact that I already own the D850 and will have to buy the Sony camera.