Hi Neal,
Having worked in The Industry for over a decade, I gotta say your story premise (assuming it is yours) is as commercially-viable as any I've seen. Have you actually shopped it around to agents & producers? Heck, if the script doesn't actually exist, I would write it, for sure!
One of the obstacles to selling it would be the budget, of course. Even if the Navy or a submarine museum were to provide the old sub and ASW ships/planes for free, shooting in/on the water (not to mention in foreign countries) is inherently expensive. Producers & studios tend to be risk-averse when it comes to unknown writers. That's when insider connections make the difference -- particularly knowing A-list talent.
All that effort for a hoax? Why not make it real? At least get it optioned. People do!
