Based on personal experience, I would not be surprised if plastic pipe which was initially anchored in a floating (submerged) position became weighted down with algae growth and then sank. I'm pretty sure that's what happened with all the floating plastic pipe structures I put in my pond early on, as they are all down on the bottom rather that up floating at the level they started out at.
Since the pipes are plastic, I would anchor them to each other and to the bottom regardless of what configurations you decide to put them in.
Here are my ideas/suggestions, from the Structure Archive thread:
"Live like you'll die tomorrow, but manage your grass like you'll live forever." -S. M. Stirling