1. TTL means "thru the lens": flash exposure is determined by the camera. Most digitals have a sensor that measures the strobe light being reflected/returned from the subject and shuts the flash off when enough light has been measured.
2. You don't need it. A lot of people shoot strictly manual. I prefer to have the choice, and have been happy with TTL underwater. BUT, I have a camera that uses a sync cord to connect housing to strobe. I've only played around with one remote sensor, so I can't say anything negative about them in general....
Some questions for you:
1. Does the ikelite housing for olympus have a flash deflector mounted inside? It would be near the flash when the housing is "closed up", and probably mounted with double-sided foam tape.
2. Where is the flash sensor on the 3040?
3. Make sure the flash deflector on the housing does NOT cover, or even come close to covering, the flash sensor.
It might not be an issue with that camera, but it was with my Nikon.