Home-run, thanx for some clarifications. ok, a few observations/questions:
a) Start with that 5 ft. coil, and see what the smallest object it can pick up is. I mean, for example, is that cannon and anchor sized and bigger-only ? Or is that sized coil capable of finding items down to toaster sized items ? Soda-can sized items? etc... Because once you enter into the realm of soda can and toaster sized items, I think you'll be surprised how much modern junk can fall into that category-of-size, that litters ocean bottoms. Well .... at least around harbors, piers, etc.... Maybe not in the open ocean middle-of-nowhere, granted.
b) but even assuming this 5 ft. coil won't sound off on anything smaller than cannon/anchor sized, I'm still skeptical of ability to hover the thing (even with your sled idea), to the correct height. And once you get a hit, can you imagine the aggrevation of needing to circle around to criss-cross the spot, to "x-marks" the spot ? (to make sure you didn't just get random flutter, etc...) ?
c) and the minute you get a hit you want to investigate, what good is under-water cameras (with I suppose 100 ft. cables for them too?) going to do? If the object has even a single inch of sand covering it, all you're going to get is a nice picture of the bottom (assuming your "sled" hasn't stirred up sediments which merely cloud any such picture, to begin with !).
d) So you go down to investigate the "beeps". Ok. Then that merely, again begs the question, why not just go down with scuba gear to begin with and metal detect? 100 to 150 ft. is child's play depth for any experienced scuba person (don't even need special gasses at those easy depths). And yes, I realize you can't swing a "5 ft. coil" on a hand-mounted standard underwater beach pulse machine. So here's how you can just as easily replicate that desire to "only find big objects". Simply have the coil be several feet higher than the bottom of the ocean floor as you scan. Because singular coins, cans, and small items will be too far from the coil to be heard, when held that high. But a cannon or anchor WILL be large enough, to give a signal despite the user holding it that high off the ground.
e) yes I realize that covering vast amounts of real estate acreage isn't possible with simple scuba and paddling around down at bottom depths with scuba. So for that reason, is why you're thinking of the boat method, to hone down where you want to investigate further, right? But no, I don't think your 100 ft. cable to standard detector is feasible. In a perfect world, perhaps. But realistically? No. You can certainly try it, but in the end, with that kind of money and modifications, why not just get a magnetometer?