Believe it or not, this is one of those trivia facets of diving that has been lost to current divers. The book, dive, the complete book of scuba diving by Rick and Barbara Currier (1956) has a complete description of how to make a towed sled, and also boards, as I recall (I'm at work right now, and cannot look it up). I made one in my teens for search and rescue work (Explorer Scouts), and used one on a search for a helicopter off a small Ryuku Island in 1969. They work extremely well for covering large areas, but you have to watch out. We were towing one team of divers, when they came up over a coral head and almost planed directly into a large shark. They surfaced, gave the distress signal, then started hand-over-hand up the tow line to the boat to get out of the water. Afterwards, my good friend at the time deadpaned, "I don't like this. It's like trolling for sharks, and we're the bait." But seriously, it is a great way to cover large areas at about 2 knots. You can find that book at the Vintage Scuba Supply website, and I would highly recommend it as it has a lot of home-made items that we don't see anymore:
http://www.vintagescubasupply.com/books.html
SeaRat
http://www.vintagescubasupply.com/books.html
SeaRat