I read that too, but i have my doubts. The 8 phillips screws and 4 slotted screws holding the hand-turned dials on the unit and sticking out of the housing are a bit of a red-alert on the "submersible" thing.....
The patent picture shows a picture of a diver wearing it on his chest but that does not provide proof that it was used like this. Only that it was patented as such.
My gut feeling is still that it's the bend-o-matic prototype.
Icky, maybe someone at scubapro can help you with identifying it. In any case, functional or not, I think for the price they're asking it's a piece of scuba history that's worth grabbing even if it's worth nothing and on a gamble I'd say it's potentially a one-of-a-kind collectors item.
R..