Wow.. what a lot of ideas!
I suppose my thinking was along the lines of a worst case insurance policy.

I liked Martin's idea of sending a string to the surface.. perhaps surfacing a ping pong ball with a divers flag attached

Agreed with everyone that you obviously want to build it to not sink in the first place,

Regarding what am I looking at building..
1, A classic broads yacht - I was lucky enough to be passed plans for a Herbert Woods boat that my father sailed on during his youth, and I also remember from my childhood on the broads.
2, THV Galatea - Its a mighty looking machine, the attraction is getting the various cranes etc to work.
3, A RIB.. I've always fancied building one.. but the tubes have always put me off!
Currently on the bench...
1, A micromagic - will be ready to get wet this weekend.
2, A Robbe Paula - I have built the hull, but I don't like the superstructure, so am currently rebuilding this.
3, 3 Springer Tugs.. 2 hulls built, (I have 3 children, so I have to make one for each of them).. the idea is for me to make the hull and them to design and build the top.
Well they should keep me busy for a few years!
Daniel