Using color-correction charts is a very standard photographic technology for correcting colors in any situation, where there is challenging lighting. So just using one for your underwater photography would give you vastly improved colors in your picture. As I understand their work, it uses a correction model which is distance dependant, so corrects the color shifting with distance. In air, changing the distance doesn't change the color appeareance, but under water, the absoption and scattering effects vary with distance.