GMorrison
Not a direct response to the OP, but there are some really awesome sea dioramas being shown in Asia where the sea surface is a horizontal digital display that has an active wake.
Yeah, there is a lot going on in scale modeling in Asia, that I think we don't really get to see, and vice versa. The Internet has made both communities more accessible, of course, especially via sites like Facebook.
As far as modeling an underwater diorama in resin goes, have a look at Won-*** Lee's work at ModelWarships.com. He has made some outstanding dioramas. To the original poster's question, and contradicting my own reply, I think this particular diorama of a German sub is cast in a block of resin, though I may be mistaken. Either way, his dioramas provide proof of concept for this particular genre.
http://www.modelshipgallery.com/gallery/ss/dkm/Type7c-350-whl1/index.htm
PS-taking a closer look, I take it back, I don't think it's a solid block. I can see the sides extending up above the wave line. Though, it still could be that it's cast within a plexi box.
He did another diorama of a sub under depth charge attack, showing the explosions, with the sub chaser on the surface. If you browse his gallery there, I think you can find it.