ssmart money is on two pieces of wood--Cut the pattern after you screw the two pieces togetherr--Preferably with the seam ABOVE waterline-Bandsaw, carve, sand then take apart and carve.
Ine problem with cutting the body AFTER carving from one piece is simply that you are going to have do do some more carving and sanding, since the two pieces will NOT fit together exactly, due to the dwablade's thickness. If it is not a problem, then just cut below tail, creating a hight wterline. Hmm, on second thought, if making a diver with a low tail, you might want to rethink the location of that cut.