There have been a couple of modellers, one in the UK, who have built models of a 19th century Spanish submarine called an 'Ictineo', and as the original was constructed from wood, the models have followed suit.
I'm not sure if the inner pressure hulls are made from wood, however I've seen wood used for endcaps on dive cylinders, and also the old Krick U25 was wood, but that was bread and butter construction not plank-on-frame.
I have to be honest and say that wood wouldn't be my number one choice for a submarine, but if that is the only alternative, make sure you seal it well with resin (epoxy resin is best for this), and if you're using it as part of a pressure hull, make sure it's good and chunky.