I like to go to the Sea Caves reasonably early (but not too early) because of the Renaissance Lute (and the NegatAir), which is quite handy.
With that said, I think I still like to visit Ferro in the Rapax Castle first, to pick up some useful equipment and spellbooks, and since those two Sea Caves items are the only things there I find interesting, and you need to be level 18 to use them anyway.
Out of curiosity, do you remember what your Swimming skill was at the end of Wizardry 7?
(That's one skill that W7 introduced that, for whatever reason, was dropped in W8. As a side note, it's actually the very first skill in the series, appearing back in Wizardry 5, and yes it did improve through use (though the risk of death was so high that, unless you have the item that makes swim skill pointless, it's too risky to try and raise the skill unless you have an easy way to revive characters).)