Here is a test video from a new folding, packable waterproof quad made from alum and off the shelf hardware store components. The speed controllers are cooled by mounting on an alum plate that forms the base structural component of the design. The camera mount clips on and can be changed, or rotated to another angle in seconds.
With 2D Gimbal
With GoPro Hero Waterproof Case
Flight configuration is DJI Naza with JDrones 30A speed controllers and large motors. With a tall cover the battery/s can be mounted internally. With the short cover shown in the renderings the battery/s are mounted on top of the cover. Has also been flown with APM.
What do you think?
This design will be available soon on Instructables and GrabCad.
That should give some peace of mind when flying over water.
You should put some CorrosionX on the motors to keep them from rusting.