Awesome idea if it can work out.
Possible putting the front of the laser in a 'flash suppressor' type deal but more like a box on all sides except the target side and then a single hole/scope right above it on the laser side...therefore light should only go out where you aim it and reflect out back towards the laser where you'd be wearing safety glasses and be able to make sure no fish or other critters are in the way easily.
Kind of just rambling on but if it is submersible that type of idea I think could work. You seem to be the genius here so I doubt i'm saying anything you haven't thought of! =D
Definitely going to keep tabs on this.
~Fred