hi there
with regard waterproofing receivers or any electrical equipment in a model - the first thing that springs to mind is - we should be keeping all water out of the model in the first place
that surely is our first priority to make the model watertight.
I know the petrol heads tend to use sealed 'Tupperware style boxes' to keep all their electrical receivers and so forth dry - but I cannot see the need for us modellers of the lesser speeding models to do that - people might disagree there - but - in my modelling I have always kept to one golden rule - Try and keep the electrics e.g. speed controllers/receivers & etc., as high up in the model as possible. Certainly not in the bilge of the model - for obvious reasons.
I have had situations myself with certain non-submarine models of mine where they have become submarines and I have only ever lost (and I am tempting fate here) one speed controller in this situation. The receiver was dried out in the airing cupboard at home for several days and it was then working perfectly well after that - but - sadly the speed controller died a death
possibly because it was carrying more electrical current than the receiver.
So, to me try and keep your model watertight - rather than trying to waterproof your electrics.
John