I certainly understand the allure of having a WB that works without setting it, or in all conditions. However there can be only one correct color temp!
WB involves the color temp of light. If one uses flash that color temp is daylight at something around 5500K. If shooting in good vis at less than 40 feet the color temp of the water is going to be *around* 5500K, and flash will balance with the ambiant light.
However the reality is that mixing light (flash vs. ambiant) often does not work out in any situation. It's pure physics, how can it? Either the color temp is constant across light sources, or it's not. Generally it is not, and this is true topside as well with most mixed light situations.
And it get's more involved? The exposure required for subjects UW is going to often require flash to stop subject movement, allow good DOF, and low ISO values. The best images are going to involve low ISO shooting as higher ISO's result in more grain (film) or more noise (digital). So if one has f8 light at 1/125 at ISO 100 mixing light is going to work out. If not, some decisions must be made. Those decisions involve using flash as a primary light source and excluding parts of an image out of flash range, or attempting to adjust ISO, shutter, aperture, and flash to get some balance in mixed light.
If one does not have a situation where either flash is the only light source, or ambiant light is very good, one has mixed lighting, pure and simple. If one is lucky, or practiced, maybe the image has a foreground that is exposued by flash, and a background that is a somewhat pleasing blue. Or maybe the flash just does not record at all, and the camera setting is set to A (no luck here, just not understanding how things are working, but the camera is doing to thinking).
This is why shooting WA shots and mixing ambiant light is difficult. Shooting closer shots using a primary light source of flash is much easier. There is a reason that what people term as macro shots are often so good, where one sees a LOT less high quality overall wideangle reef shots.
So the short answer is no, there is no magic WB setting. If using flash as a primary light source the WB can be set to daylight or flash. If one is using ambiant light then setting the WB prior to shooting is going to be the best option. Some camera's provide an UW setting which is going to set the WB, but it is a guess at best. I think my cuz discovered she could not shoot in manual mode using Canon's UW setting using an A series camera, but I'm not an expert on how each manufacture handles their UW setting. Howarde likely has it right to the degree that an UW setting is going to add Red, and to a lesser extent green, and/or eliminate blue. Manufactures can come to some logical decision on what an UW setting should be, but it's not going to be the best solution for most situations.
Sorry for the long explaination, but lighting is everything in photography. I don't think a lot of people really understand it, but fortunately the camera's have become damn good, and things like iTTL are largely responsible for a lot of people getting reasonalbe shots or even great shots with little understanding.