Concrete under water is not a problem, but yes excessive water in the mix will result in a degree of weakening of the strength of the concrete. Adding additional Portland cement into the mix will alleviate that. about 20% increase of cement is fine to get 5000 lb mix, despite water in the hole. Rebar will corrode and the rust will, over time, destroy the column of concrete. Addding pozzolan (fly ash) to the mix will slow that process, but will not stop it. I would not put rebar in the column for this reason, but I would consider adding glass fibre to the mix. I would also use crushed rock and not pebbles..