Hi all,
Might be all right, as it doesn't always grows submerged. I've seen it in the draw down zone of turloughs in Ireland, but always just above the water level. Where you get a lot of seasonal water level change you get other mosses like Cinclidotus in the transition zone. I think you would need to keep it fairly damp, and I'm not sure how well it would respond to chopping up.
cheers Darrel