Dr Deco once bubbled...
Dear Readers:
The lung is often described as acting in a manner similar to the toy referred to as a Slinky. This little coil, if held in two separated hands, will be stretched the greatest at the top and will bunch together at the bottom. In a similar fashion, the lung will also have alveolar space greatest at the top and alveoli will be collapsed at the bottom (above the diaphragm). More blood will flow through the upper portion of the lung tissue and less through the bottom. There will not be a ventilation/perfusion mismatch.
This arrangement will be true whether the individual is standing on dry land or in the water. When immersed, the blood will be shifted from the legs towards the thoracic cavity.
Dr Deco :doctor:
I'm writing this essentially in two ways. Professional to professional and professional to laypeople. So I apologize in advance to everyone.

In normal gravity under normal atmospheric pressure:
The Slinky analogy is very appropriate in that ventilation is greatest at the upper part of the lung and poorest in the more gravity dependant (closest to the ground) portion of the lung. Perfusion (blood flow) is also unevenly distributed throughout the lung with the greatest blood flow tending to the gravity dependant regions This is the same principle which causes pooling of blood in the legs.
For the sake of simplicity the lung is theoretically divided in to three sections (West's Lung Zones). The upper portion of the lung being well ventilated but little perfused (i.e Dead Space Ventilation: V>Q), the middle portion essentially equally ventilated and perfused (no mismatch, V=Q), and the lowest portion well perfused but not so well ventilated (Right to Left Shunting, V<Q). In reality of course there are no clearly defined zones like that but rather a gradual change from one to the other through the lungs. In the end it pretty much all averages out such that very little V/Q mismatch is evident unless there is pathology present. This holds true regardless of body position. As the person changes positions so too do the zones.
I'm thinking in a diving environment that there would be an increase in the V>Q and V=Q regions albeit probably small and one offsetting the other.
While there has been some challenging of Dr. West's model, all I can say is that in the ICU setting we use that model and put it to practice daily, especially in those with severe pulmonary pathologies and it does make a difference.
An interesting discussion. I have a theory on what the answer to the original question may be but I wonder first what GUE has to say about it and what deco gases are being used.
Respectfully submitted,
Brian1968
Registered Respiratory Therapist