I agree, going around isn't much of an option...
It looks like Lake Norman is owned by Duke Energy. You will need their permission for a submarine crossing. Might not be a problem. Could be good PR for them with little impact on their business. It does sound like the traffic is suitable for a crossing.
A USGS topo map will likely give you an idea of the bottom contour. From the looks of the surrounding area I'd guess it's less that 50' deep. As long as significant debris isn't swept in during flooding you could be OK with snagging.
Cable cost, I'd give Hyperline a call. You also might want to call
to get some ideas.
Other options:
** VPN - set up a VPN tunnel over either an existing Internet connection or a dedicated one.
** RF - WiFi or licensed data link. Could be as DIY or professional as you want. As short a link as it appears to be I'd pop up a pair of WRT54GL units with some 16dBi flat panels and see if that was reliable enough. Check with
they should be able to give you more info.
** Leased line - Many areas now have MetroE service. This is much cheaper than traditional services. Check
to get an idea. ISPs and telecoms in your area can provide quotes.
It boils down to the same old questions of cost, reliability and speed. If you went submarine who would actually be doing the work?