Sorry to tread on anyones toes here, but I'm pretty sure the Conning Tower and Control Room camera is the _Dummy_Cam_InteriorFore entry. I can't remember for sure and I'm a bit tired now, but I think the swaying with the ocean effect is more or less on if you are surfaced and if you have the MechShocks controller attached to an instance of the camera. Apart from that it obviously shakes the camera when damage is sustained too and I think that's mainly what the properties control - large bangs.
If you want no sway at all, the easiest way to get rid of it is to delete the MechShocks controller.
Edit: Or maybe turning off the no stabilise view as Digital Trucker said, bah tired now, brain is turning off.
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