I love fancy new features and have a horrible sense of navigation. As a software product manager though, I can tell you that I think you're probably in over your head for what you're trying to build. The end cost is also probably tremendously more than most users will want to pay for something like this.
Here would be a dream recreational computer for me
- Buhlman algorithm
- Bluetooth data connection with open standards
- Nitrox support
- Bright backlit screen
- At least 2 physical buttons
- < $500
As far as messaging, I assume you're thinking a list of pre-set messages that you can scroll through and send? This won't be easy to do underwater.
As far as navigation, I'd give up on any GPS / true location unless you think you're very very close to solving it, because it's probably incredibly complex. A simple alternative might just be a transmitter on a boat, and a simple compass type feature that can point at that beacon to aid navigation back to the boat if lost.