giant axolotl mini :D (from reaper miniatures)
When I first read the top post, I was like.. why would a water compagnion work anywhere else except for underwater. It is a specific tool with for a specific situation (underwater campaigns).
But people have made good points that a lot of campaigns are amphibious.. on a boat, in a marsh etc, you want to move in both places..
I think I would rule that the land beast either has a 20ft climb OR swim speed. And if it has a swim speed the penalties of attacking underwater don't apply. The CON modifier # minutes to hold your breath are generous already, so I would just keep that.