i think it sounds brilliant. A quick google survey gives that laser pointer for scuba use are readily available at around 30 usd. I am definitely going to try this. You the man!
http://www.island-scuba.com/page/001...lights/ACCDL70
http://shop.divebooty.com/3010.html
zeroing the gun on a range is not an issue when the maximum range is what 5m and the alternative is to aim along the gun barrel. The laser might even attract some fish in aspetto, like "heeeeeey maaan..what is that red spot....WHACK!!"