It was the Greedy Brothers ride on Lake Silver. It started near the scrimshaw place and we paddled the boats around the target area that's now part of Geyser Gulch (You can see the structure in the video.). I think the diving bell may have still been in operation, as I remember thinking this was the wettest ride I'd ever been on at the time.
I think this was early 80s though, Old Guy, not late 80s. Are you sure about your dates?