IMHO, it would read 10'. If you can walk into a cave, and there is standing water, then you know the top of the water column, which is at 60'.
What if you walked through an airlock to get into the cave? Then you could still have 70ft
Please explain why he'd die of lack of oxygen. I don't follow.
Pressure at 33ft depth is 2 ATA. Pressure at the surface is 1 ATA. If you use a siphon to raise the water column above the surface by 33ft, you're at somewhere between 0.1-0.5 ATA. So think reverse oxygen toxicity (instead of getting too much oxygen resulting in toxicity, you'll be getting too little to support life). At that "negative" pressure, the air coming out of the tank and into your regulator would have significantly less pressure than at the surface, so the volume of air you'd be inhaling would be half or less of what you would get at the surface.
You'd get the bends because you're going from 1 to 0 ATA, just as you'd potentially get the bends going from 2ATA to 1ATA while 100% saturated.
Does that sound right?