My learning curve is 
  flattened again, too many distractions, Please help me with some basics 
  here.
  
#1 One submerges a 
  bubble of air (enclosed in any material) and open to ambient pressure to 
  1atm . Equal forces of pressure are applied to either side of the material. I 
  assume that the lifting force of the air in pounds of buoyancy is not 
  cancelled out by the equalization of that pressure. That the material is 
  subjected to a stress in psi equal to that force. Then if one were to apply an 
  opposing force ,as in ballast, that the material is then subjected to both 
  forces. Is this a correct assumption?
   
  No.  Boyle's Law states that a given volume 
  of air will compress to half its original volume for every atmosphere of 
  pressure applied or P1V1=P2V2
   
  At ~33 feet seawater, the dived volume is half 
  its original surface volume and is now half as buoyant.  The forces 
  applied to either side are indeed cancelled out but not the forces applied 
  above and below the air bubble.  They ae unequal and this is where 
  buoyancy comes from.
  #2 One submerges a piece of marine ply to one atm. Is 
  the cellular structure of the wood irreversibly compressed creating a 
  permanent change in density and therefore buoyancy?
  Yes, to some degree it does.  Elasticity of wood, or 
  the ability to bounce back from an applied force, is limited.  To what 
  degree this is important is debatable.  If we are talking continental 
  shelf pressures, probably not a heck of a lot.  If you fall off the edge, 
  eventually I could see it playing a role.
  At a practical level I believe it's a moot point, 
  especially within the first two hundred feet.  It depends on the wall 
  thickness, whether you've used cold moulding, the pressure hull shape, 
  pressure focal points, etc.
  Rick
  Vancouver