Nice thinking. But no. 
The easiest way to see this is to observe that you have described what appears to be a perpetual motion machine without proposing a refutation of the laws of physics (which imply a perpetual motion machine is impossible).
What you have not considered is the energy required to compress the air. To see this energy cancels what you gain, you can observe that filling airbags at the bottom needs to display a mass of water greater than that gained by the negative bouyancy in order to float the torpedo. Displacing this mass costs as much energy as you can gain from the rise. This may need a bit more detail to be clear.
So if you had a heavy metal torpedo in the ocean attached to cable that ran down over a mile to the bottom of the ocean. Couldn't you have this torpedo drop down to the bottom while running some kind of turbine either useing the cable or water like a dam would in a sort of way. Then at the bottom release compressed air into air bags to send the turbin torpedo back to the surface to transfer it energy onto some grid, and refill the compressed air tanks atumatically with this stored power. Then repeat the process again.
With many of these working together would it be a viable energy sorce?