The problem with this idea is if camera is forward facing & you then use ie servo arm as camera swings under the boat its then reversed.
Can't quite see the logic in that. You get about 90° with a servo. Rigidly mounted, the camera will face 45° up at the top of its travel, 45° down at the bottom. If allowed to pivot on the arm, counterbalanced or not, it should remain vertical.
Arrow5's winch and slider on a track is probably the top idea so far. An end stop on the track, of course.