It may not need collision detection on terrain.The engine could place objects located from the centre of the sphere outwards.I made a planet displacement map on a sphere,just need to sculpt the ocean terrain to scale.Current flow need not be simulated but boyancy must be.It will take time to develop though.
Exactly. We Germans have a saying that translates to "Going from the 1/100th to the 1/1000th" to complain about putting too much effort into details.
I would not even exclude that you might even disband such a project, if you start it too large for you to grasp with your own senses. Thus I can really really recommend you: Keep it really small, develop in small or even smallest steps. Slow small, but steady progress is much better than no progress at all.
For example: Buoyancy is mandatory. Right. No complaints. But how complex must the Buoyancy model be? Even a simple single point version would already be better than no version at all, right? Can be done in less than a day.
Once you have this really simple one done, you can think about refactoring it to something bigger, maybe have multiple sources of buoyancy in a model or something smarter.
In the end, you just want two outputs in the buoyancy calculations: Force and Torque. Funnily, you also want the same outputs by the propulsion system. Maybe you can simply refactor the simple buoyancy module to implement an interface, that returns force and torque and then implement better versions of the buoyancy module with the possibility to simply change the used simulation model for buoyancy in a configuration file. Maybe you can make the physics engine sum up all modules forces and torques to change the state of the vehicle. Maybe.
And this maybe means: No need to already waste time about planning the future, if you need to plan today. You know that such questions exist, but you can enjoy the luxury to not having to answer them now. Use the time for learning options and finding possible solutions before you have to give the answer to a question at the last reasonable moment.
Until this last reasonable moment: Keep things simple and work towards minimal goals.