I found this neat little project on the web, it uses a 16f84, so you know you can make it work. The web address is;
http://www.web-ee.com/Schematics/HeMon/HeMon.htm
It uses an led to shine visible light through the skin, usually a finger, but almost any part of the body should work. I think this will be much easier and safer than using typical hospital style electrodes in an underwater environment.
Hope this is close to what you're looking for!
Jerry.
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