Hi Len
Very interested in your new project, it's something I've been thinking about for some time, probably as a result of things that I was involved with during my last few years of earning a living (took very early retirement). One of our projects was trying to perfect carbon fibre composite instrument housings for rov's. We succeeded in having a design suitable for 3500 meter depth.
Rather than steel tubing for the framework, you might do better with rigid plastic pressure piping in either pvc or abs. glued together, water resistant, rust proof, light and strong. Also don't go "overboard" on weight. ROV's are usually designed to be residually positively bouyant so that you stand a chance of getting the vehicle back in the event of a system failure. If it won't surface by itself any failure could result in the device plunging to the depths, never to be seen again.
I seem to remember that in at least one country, think it was Canada, that there were inter-school competitions designing simple rov's, got the kids interested in engineering, technology and ecology at the same time.
Good luck and keep us posted.
Keith