I had a Sony DSC P-5 ( last seen in the vicinity of Witch's Hut at Bonaire) and have a Sony P-10. Without flash I use "P" (programmed) mode; spot metering and focusing; usually set the ISO to 200; select the fluorescent light illumination compensation setting; and use the macro (flower symbol).
Since the on camera flash is blocked by the lens ring of your housing an external slave flash is essential. With an external flash, I set the internal flash to "low level" to conserve my battery; ISO 100 to force the flash; and a daylight compensation setting.
The housing is clear so you can check your "O" ring seal easily. Soaking the housing in clean fresh water for 20 minutes will get the salt out of the mechanisms.
Finally, while it is expensive, a 20mm or 14 mm wide angle lens really helps this camera. Sea and Sea makes an adapter and accessory wide angle lenses for Sony housings. As well as slave strobes. The external strobe will require an arm of some sort. Attached are a couple of my home made arm, assembled from 1.25" "P" trap drain pipe and some aluminum angle stock.