They are both nasty. Like I said, use at own risk. I get away with hardy water lilies the same way, I plant them at the 4-5 ft deep mark. For a few months they are dead and out of water.
So do the water lilies survive? We'd like to add water lilies to one corner of our pond but with the variance of our water level I though I'd have to plant them in a container and move it with the moving water level which sounds like way too much work.