I think both James and David are right.
You really can't go wrong with either one.
The difference comes with how much weight you put on the few $$$ difference. For a few extra $$ you get more features.
The difference between the XT and the 20D is narrower than it was for the Drebel and the 10D. Two notable improvements added to the XT that weren't on the original rebel that DO affect underwater photos is FEC (fixed in Ike TTL housing) and selectable metering mode.
The viewfinder should be adequate on the XT no argument, but more is always better and the 20D has more.
In the end it depends on your budget and how long you expect to keep the camera. Ike housings are great. I love mine but maybe they are not for you? In this case there are more options in the 20D. If you are the type that replaces your camera every generation by all means go for the cheapest one out--it will give the best value. If you plan to keep it 5-10 years the better body would be worth it. Even on two cameras, the cost differential is miniscule in the grand sceme of things.