I don't have anything assigned to print button as this is used like a shift key which allows me to operate the dial functions which normally can't do underwater.
Just so I'm clear: In the normal canon firmware, if you hold down the print button, and press left/right (I guess ?), it has the same effect as turning the dial ?
If so, you may still get the same effect with CHDK if you hold the print button for half a second or so before you press left or right. Or maybe not, looking at the code it might just act like you clicked the button rather than holding it down.
Will try camera out next time using auto exposure mode (less playing with settings)
If you use P mode instead of M, you should be able to adjust exposure manually with left and right. You need the dial to choose between P and M mode in the first place, but I'm pretty sure the last setting used is remembered when you restart.
I can also post a simple script that lets you use the arrow buttons to emulate the dial.