Steve,
Sandman and Terry have given you some good advise. I would just add there are other things to think about when searching in the water. First think about if it's really worth taking the chance of getting your LST control box wet?
Sure the coil, cable and shaft are OK to submerge. The things you need to watch out for are stepping into holes or tripping on unforeseen objects. Also be careful when others are around splashing or playing that may accidentally knock you over. It doesn't sound like you would have a problem with waves unless maybe boaters are nearby. Sometimes it can be trickey searching your scoop and juggling your MDer and a body mount is nice to have. Another thing that would help is a floating screen strainer. They're inexpensive and easy to make. Personally with all of these things in check, I would stick to the knee deep or less shoreline. See if it's worth persueing, if you find a few goodies and you like it then consider getting something that is made for water. You don't want to take the chance of ruining your unit. There are alot of unforeseen factors when water hunting. Think of it this way, sure you can stand in the lake talking on your smart phone but if you accidentally drop it it can only get wet!
Also water hunting is as addictive as hunting on land and the time really slips away fast.
Good Luck and let us know how it goes!