Guide numbers are quite accurate as published Jeff. I used a SB105 and never had a problem using the guide numbers on the strobe.
The Sb103 is a small strobe. I believe its a 50
watt strobe versus a 75 watt strobe for your sb105. It has been years since I used a nikonos V, and even longer since I read Jims book so I amnot sure exactly what section of the book Jim stated that. Was he talking about a particular type of underwater photography?
When I shot u/w with manual strobe settings, I almost always dialed the strobe down just a bit (about 1/3stop) to avoid blowing out the highlights.
That said, I think you will find that with the exception of very reflective opbjects, you will get some great results letting your strobe do the work in TTL mode. Reflective objects, such as silver fish will require you adjust your strobe power accordingly. Just make sure you are within the distance suggested by your guide numbers, and don't expect much when you get outside of 3-5 feet.
Also, if I remember correctly, Jim used to talk about bracketing with you strobe on TTL. Where you hand hold the strobe and move it about 6" forward and backwards from the film plane. This is a great way to get some flash exposure bracketing.
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