Bob,
Interesting! The only way to perfect it is to use it a lot. Any weaknesses will eventually be reveald. The 1st question that comes to mind is whether your transmission is water proof, or you just keep it packed with grease?
I've been thinking about something along those lines to be used from the shore. I was thinking about mounting a gas powered hedge trimmer to the bucket of my tractor's front loader. Just drive around the pond, and adjust the bucket as I go to get the right height.
Instead, I clamped an 8' piece of pipe to my bucket, and draped some old bath towels over it. I soak the towels in glyphosate, and wipe them over the weeds. That way, it kills the weeds and spares the grass. No worries about herbicide in the pond either.
Of course, when the weeds creep out pretty far into the pond, neither of my solutions will work. Keep us posted on how your submarine weed cutter works!