there's a few things with the sea level that make changing it not really useful.
1) the actual floor levels don't seem to change with it, meaning setting it to above 63 will always result in endless oceans while below makes the oceans not appear, making this setting pretty useless without a land level to accompany it.
2) setting it to above 127 crashes the game with this error:
java.lang.IllegalArgumentException: bound must be positive
at java.util.Random.nextInt(Unknown Source)
at ayy.a(SourceFile:442)
at od.a(SourceFile:175)
at axr.a(SourceFile:859)
at od.c(SourceFile:104)
at od.d(SourceFile:117)
at aky.b(SourceFile:289)
at aky.f(SourceFile:284)
at aky.c(SourceFile:220)
at aky.d(SourceFile:235)
at aky.b(SourceFile:201)
at ayj.a(SourceFile:68)
at oe.b(SourceFile:637)
at oe.a(SourceFile:595)
at cim.a(SourceFile:80)
at cim.g(SourceFile:110)
at net.minecraft.server.MinecraftServer.run(SourceFile:367)
at mu.run(SourceFile:667)
Is this still a concern in the current Minecraft version 14w30c or later? If so, please update the affected versions in order to best aid Mojang ensuring bugs are still valid in the latest releases/pre-releases.