Victorian era war vessel project - Ideas and Comments appreciated

[former user]

Hi there

since building is a vital part of the Hobby for me, I always keep my brain busy with new building plans.
Basically the concept phase lasts almost as long as the actual building, sometimes longer.
Now that my trains are almost done, the next bigger project is going into concept phase:

the big multi-purpose late Victorian Era War vessel.

starting with the basic:
I recently acquired the 1:72 kit of a Revell Flower-class Corvette.
Below You see a line drawing of the real-life ship, at the prow a small picture that relates it to a 28mm figure:


The actual model is 85 cm long.
Being of a too small scale, I won't be able to use much beyond the hull and some main structures.
The first step in building will be to cut the hull to a waterline model.
Herein I would very much appreciate advice - I've never done this before and I don't want to ruin the model...
The basic configuration will of course be a naval vessel, with oversized main artillery turrets (these are already done, since they arm my support class armoured train gun cars - pictures will follow later on)

Apart from that, I will probably make the aft deck structures removable in order to switch them for the flight deck of an experimental interwar carrier/cruiser.

Last but not least, the third use will be an aeroneff battleship, for which I intend to use the underwater part of the hull. This means that the ship part will have to be attachable to the aeroneff extension by screws to form the complete aeroneff.
So far the idea - now the first question:
I don't know how it should look like yet, so should I use the underwater hull upside down on top of the ship section, or simply extend the hull with an intermediate gun/propulsion deck???
picture below:


The building will proceed not earlier than mid 2010, first I will have to figure out what I am actually going to build.

as I said, suggestions, ideas, comments very much needed and welcomed

[former user]

all actual building is on standby for the moment, So I will be not able to submit for the building contest 
this is only brainwork, the vessel will only be started mid 2010

even if planning in advance for so long, it's still how I do things - so, if anyone has experience with cutting a model to waterline, please share. I would really appreciate it 

[traveller]

former user,

looks interesting. Why not building an E-boat?

[former user]

You mean the german WWII boat?

this will come later maybe, with the Revell kit of the S-100.
I want something with big gun turrets 
a pocket battleship