Alloy – the depth of water is probably the most important factor, followed by the bottom – silt and sand may cover aircraft completely. Another important factor is other debris – a magnetometer is a good tool, but if your object of interest is surrounded by modern junk it will probably be useless. If you have a good sonar set up and a hard rocky bottom you may have a chance of finding something, but sea searches are long, nauseatingly boring and expensive.
If you know a rough location, you may be better off just dragging for it :p
Either way, the very best of luck.
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