Hi Paul,
Think I know where you are going with this one but am still concerned about buoyancy if the sponsons are to remain submerged. Will comment on this later, however for now suggest you forget compressors and gas cylinders (that's submarine thinking). Think Hovercraft. High volume air flow, very low pressure. Even if the sponsons were 6 inches under water you only need a quarter of a psi. Easily achieved by a small radial fan unit with the high flow rate you need. Build the fan and casing out of half mill ply (or balsa), it'll weigh nowt and on the end of a decent light weight motor will blow you away. Tyre inflators, will never give you the air flow you need and gas cylinders won't last a second (and be heavy and expensive for your job).
Why bother making a water proof prop shaft? Robesch make them for little money with lip seals and roller bearings. You could not make one for the price and when you see one the are beautifully engineered. Why not fit a large sleeve around the shaft and flow the air into that? Mi Resurgam has an 8 mill Robesch fitted down the middle of 13 mill domestic water pipe. Have a look somewhere around the mid postings. It was never intended, happened during the development and the sealed cavity created is redundant on my model. But, I could easily blow air into it, drill a few holes at the stern and have bubbles galore! Also, it would keep the functions separate, propshaft and bubble system. Combine the two and I think you are in for a world of pain. Design philosophy, one bolt one job, happiness. One bolt two jobs, misery. Some thing long forgotten in our let's save a penny world of today! (Sorry. starting to rant again!)
Hope all this helps Paul
Len