The Navy at one point used the basic concept for submarine rescue ships. Granted you have to take into account the obvious unknowns when lifting a log though.
Some say, though, that the mission didn't fail as described - but that the boat was retrieved intact.
I guess the huge scale of submarine rescue gear blinded me to the obvious similarities that it has to the lifting rigs in Louisiana (which appear to be designed by The Professor from Gilligan's Island, rather than a bunch of engineers paid by Howard Hughes). ;-)