The hull speed thing relates to the way a boat travels over water.
It sets up a bow wave as it moves forward.
As the boat speeds up, the wavelength of the bow-wave increases untill you get to the point where the wavelength of the rising edge equals the hull length.
At this point, the boat is 'trapped' on it's own bow-wave.
It's sitting on a permenant up-hill.
It takes a large additional amount of power to push it on upthe hill onto the top of it's own bow wave, at which point it's planing.
As such, it's a surface effect, on the interface between the water and air.
So I can't see how you could get planing whilst immersed.