Can we get an update?
Have you tried the pointers underwater? Depth?
What is the ballpark for "not a cheap build"?
Update as of 5-16-2015:
I put an Osram PL520 diode/350mA driver/G2 lens assembly from DTR in the larger host. Works like a charm and fired right up. Without an LPM, my best *guess* is somewhere in the 80-100mW range, based on diode/driver/lens and DTR's testing thread. I took it to Playa Del Carmen, Mexico the week of 5-4-2015. I did 4 dives in a single day. You guys are going to be extremely disappointed, but I chose to leak-test the host without the inner electronics for those 4 dives. I had planned to only leak-test for 2 dives, then replace the electronics, but it was raining pretty heavily and I didn't have a dry place to work, so I didn't want to risk the electronics. My leak test was pretty simple, I removed the battery and heatsink/pill assembly and replaced it with a rolled up paper towel. I figured if any moisture were to penetrate the host, the paper towel would get wet. First dive was down to around 80ft, and the remaining 3 dives were in the 35-50ft range. As far as I can tell, the host didn't leak, so I am comfortable enough now to drop the electronics in it and get it wet.
I had planned to take it to a Balmorhea State Park outside Toyahvale, TX this weekend to finally get some action shots of it. Balmorhea State Park is home to a pretty good-sized spring-fed body of water that is a constant 72-74 degrees F and is remarkably clear, with visibility in the 50-100ft range. It has a maximum depth of 15ft. Nice, safe, testing grounds. Bad news strikes again. I got hit Thursday night with some kind of stomach bug and, for lack of a better term, had it coming out of both ends of me. I managed to suffer through my PhD graduation ceremony last night, but the 4hr drive to the state park didn't sound overly appealing, nor did diving. Still battling nausea currently. I'm planning on going out to the state park again in mid-June, and I will definitely be taking photos.
In regards to pricing, I'd say I could put one together for someone for probably $250-350, depending on what kind of diode/driver/lens, etc.
I know it isn't much, but here are a few photos with the laser powered on and submerged in my (dirty) sink. Best I can do right this minute.
Hopefully I can get some real action shots soon. Let me know if you guys have any other questions.