I floated this idea and found it has potential!
Here's the ingredients:
GravBuoy(TM)
Cheap and durable!
Aluminum!
If you use an efficient ballast system to raise the magnet container up, and gravity to drive it back down, well...
...IS IT POSSIBLE TO ACHIEVE OVER-UNITY?
Buoyancy is actually created by gravity producing water pressure, so you don't need to use energy to push container all the way back up. Just enough to change the density/volume of the container as needed.
Can be installed in water-filled towers, too!
Let me know if you find anyone who can run with this.
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The Wall