Camera manuals are poorly written. However, you are in luck, because the folks at
www.imaging-resource.com have written a very comprehensive review. Here's the direct address to the Sony T1:
http://www.imaging-resource.com/PRODS/T1/T1A.HTM
White balance on the T1 is not manually controlled. That is you can't point the camera at a white target and set the white balance for prevailing conditions. The fluorescent light white balance can throw a litttle more red into your pictures, a very helpful feature underwater.
ISO settings influence the camera's CCD chip sensitivity to light. Higher settings make it more sensitive, but can cause objectionable grain or pixellation to occur. Yet at the same time a higher ISO will let you use a faster shutter speed for moving subjects, or a smaller aperture for better depth of field. You have 4 options with the T1: AUTO, or ISO 100, 200, 400. Try the camera at each setting. Try shooting the same subjects at each setting, then use whichever one is most pleasing to you. You may see some differences between the 100 and 400 settings.
The camera gives you some metering options as well. Spot metering may work better for macro subjects. However you try shooting aq lightly colored fish against a dark background your exposure could be way off unless the spot is right on the fish.
Trying to scroll through these settings underwater could be very difficult. So try to establish a shooting plan and set your camera to needs of the plan.
External, optically slaved flash would be good investment, but much more complex.
Good luck.