IANANE (not a Naval Engineer), but that scenario sounds wildly implausible. It's easy to "do" it with a scale model toy, or simplistic geometry - but out in real life, at the size of a lake freighter, the square-cube law is absolutely merciless. Below (very optimistic guess) ~120' depth, the ship's hull can no longer hold air, to provide buoyancy. Recall that the water pressure a few hundred feet down is enough to crush a WWI submarine like an empty beer can in your fist. And lake freighters hulls are not built to anything remotely resembling WWI military submarine standards.
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IANANE (not a Naval Engineer), but that scenario sounds wildly implausible. It's easy to "do" it with a scale model toy, or simplistic geometry - but out in real life, at the size of a lake freighter, the square-cube law is absolutely merciless. Below (very optimistic guess) ~120' depth, the ship's hull can no longer hold air, to provide buoyancy. Recall that the water pressure a few hundred feet down is enough to crush a WWI submarine like an empty beer can in your fist. And lake freighters hulls are not built to anything remotely resembling WWI military submarine standards.