Sealife,
I looked over their website (
Reefmaster CL), and you'll do well with this camera as a beginning camera. Your results will be great, and I don't think you will have any problems using any speed film from ISO 64 to 800. They made reference to ISO 64 film and ISO 100 film, and recommended you stay within 4-6 feet of the subject. The reason is that they are using a fixed-focus lens (most likely) that is in focus from about 4 feet to infinity. You can get an attachment for closeup photos, and they have several other accessories too.
I would recommend the pool session, and don't worry about color shift as you do have a flash for flash-fill. The reason is that it is important to estimate distances, and as you know, underwater everything appears 1/3 closer and 1/3 larger than they really are. So the in-water practice session is important.
Two accessories you should consider is their macro lens, and their external flash. It looks like the external flash is a "slave" sensor flash. This is good, as it does not rely upon a flash cord to fire. The internal flash is reflected toward the other, external flash, where it is sensed, and causes the second flash unit to automatically flash. That unit may need to be set to the ISO of the film you are using. It doesn't look like it is detachable, although that would be ideal for the best macro photography work. Twelve inches away is okay, but sometimes in pretty dirty water, it is best to be further away from the lens to prevent, or minimize, the "snow" effect of light reflected off particles in the water and back to the lens. The further to the side that the strobe is, the less the amount of light reflected toward the lens.
If you are in really clear water, go with the ISO 64 slide film, or ISO 100 print film. For dirtier water, or for more natural-light photography of divers further than 6 feet from you, use the higher speed films (ISO 200, 400, or 800).
Now, all you really need to do is get into the water and see what it can do for you. Be sure to post a couple of your photos for us to see.
SeaRat