I would actually probably design an AM or FM solution rather then going digital....
The advantage is that it degrades rather more gracefully, in that the noise floor just rises as the signal becomes weaker, without just suddenly stopping.
The elephant in the room here is that sea water is **MASSIVELY** lossy when it comes to RF (And it gets much worse at higher frequencies), so you will need real power and excellent aerials at the other end of the link, not much you can do about the bit on the swimmer (Head mounted aerials?), where you are TX power and size limited, but the end of the link on the bird or surface vessel could reasonably run several watts of power to allow for the massive path losses when a wave is between the swimmer and the ship.
Do watch operating temperature limits as well, particularly with regard to battery technology, some systems behave badly at low temperature (A trick some of the emergency radios use is to mount the doings under the arm so the body heat maintains things at a reasonable temperature). There might be something to be said for using the standard VHF marine band as most ships and rescue aircraft will already have the appropriate receivers and transmitters and the aerials will usually be mounted high up (Plus experiments could be done with off the shelf kit).
It might actually be worth considering acoustic transmission, with a dipping transducer dropped off the heli or hull mounted on the ship, sea noise drops rapidly with frequency, and sound travels well underwater, so a carrier at maybe 100KHz or so should work.
Transducers are going to be interesting, bone conduction/throat mics may be worth a look.
73 Dan.