Sorry ce4jesus but you are recommending something that doesn't do what an extender does.
a 1.4x teleconverter turns the lens into a sort of telescoping monocular rather than the microscope an extension tube creates.
So if you want to know what your extension tube will do, let me try explaining this to you in easy terms.
Naturally, the extension tube will put space between your lens and your camera. There is a give and take to doing this (there always is in photography). What you gain in your ability to get closer and more intricate images suffers in both reduced depth of field and loss of light.
Since you do have the ability to see your point of focus by virtue of your TTL SLR equipment the fact that you need to manually focus the lens should not be of issue unless your underwater case does not allow for it. Predetermining focus distance still, is not an issue because you can move in or out to find that desirable focal point.
What you will not have (and ce4jesus does suggest this point) is the camera's ability to determine your proper exposure for you because you don't have the electronic communication between your lens and camera unless your Olympus doesn't require that marriage between lens and body as most cameras do.
Since it's a Digital, who cares?... you can recompose and shoot again with the corrected setting if you have time to do so.
You didn't give critical information about your extension tube... i.e. it's physical length but the further it moves your lens away from your sensor, the longer your shutter speed will need to be to get enough light to properly expose your image (or a wider aperture will be needed - again reducing your depth of focus). Remember that give and take? The advantage of the extension tube will be that your lens can take closer images (camera to subject is closer) - the disadvantage is that your camera gets closer to your subject... marine life takes issue with being cornered.
Get my drift?
If you have questions about photography, please feel free to email me personally at
fotoz4fx@yahoo.com or
foto_fx@onemodelplace.com