Hmmm
A few things come to mind. Maybe an "emergency marker" device? Kind of like a "safety sausage" but smaller. Attaches to the back or top of your tank. Has a very strong but thin cord. Inside is a high pressure small CO2 canister with some kind of device that senses diver motion (or maybe even breathing?). If motion or breathing stops, it blows. The bag shoots to the surface but is anchored to the diver by the cord. Anyone on the surface can immediately see it and trace it back down to the disabled diver.
For dive operators, maybe something like a "smart" PAL device used by firefighters? Dive boats could keep them on board, everyone diving wears one. Figure out the acoustic range so you have at least a 2 channel system. If the diver stops moving it begins to beep. Diver must reset to avoid activation. If not, it sends an intense low frequency signal that can be heard by a transducer on the boat and the "master" unit on the boat activates all devices on divers in the water, again by an acoustic signal, along with the boat "recall" alarm. The "emergency" signal tells everyone a diver is in distress and needs rescue. The activated unit could also emit a low frequency "audible" signal so if another diver was within 50 FT of it he or she could hear it underwater. Might not "pinpoint" the location of a distressed diver, but at least everyone would know about the emergency.
Just thinking...