Badly, because uneven distance between body and surface will make it more and more unstable. It can't even turn banking properly like a plane, because outside w

Badly, because uneven distance between body and surface will make it more and more unstable. It can't even turn banking properly like a plane, because outside wing will be higher from surface than inner wing. It had to make turns of gigantic radius staying horizontal during the turn. Waves will make all even worse.