I'm gonna go with this (below) and a couple old cam bands (or stage bands if the tank is rigged that way) as worth a try:
Hog SMB Safety Sausage 36in
www.divers-supply.com
Choke the top of the SS under the upper band to keep it from flopping. Bring it down and under the lower band.
Fold the sausage up and attach the "bottom" at the neck using the d-ring.
Probably not enough for a water heater, but I imagine it would certainly handle a neutral(ly weighted) AL80 since you are only talking about about 6lbs negative max.
I'm guessing on the specs from similar items since it is not listed , but an An 18" long, 4" diameter cylinder is about 226ci, a gallon is 230ci - CEfGW (Close enough ...)
Gallon of water is about 8lbs so you have about 2lbs of buoyancy for the reg.
No push-button inflator, but easy enough to add a BC hose to the onboard reg for push-on-filling and it has an OPV for filling or surfacing safety.
Ghetto dive engineering.