I'm going to look at the following items in this order
Exposure of titanium to saltwater and elecrtical properties
Exposure of graphite to saltwater and electrical properties
Simple conductivity circuit (2 pole) and the behavior of the two materials of interest.
More complex (2 pole) AC conductivity circuit
4 - pole AC conductivity probe
Maybe an inductive desgin if I get brave
Maintenance of the probe is going to be the biggest deciding factor. I'm not sure how it will behave when stuff starts adhereing to it. The AC design is cool because it doesn't have a constant voltage at any one probe, so you won't get electrolosys causing deposits of Calicum or whatever at an anode/cathode. That is the theory at least. The current measurment gets a little more complex with AC but it still shouldn't be too difficult.
The 4 pole idea is another cool concept. You keep the AC excitation of the media, but there are 2 outer poles that do the excitation, in between those are 2 inner poles that are used to measure the voltage/current flow.