MDofDarkheart
Mythical Queen
Hmm, I don't like that idea because the task you must complete in order to get the golden tool is related to the tool itself, i.e. you have to do some digging to get the golden shovel. Finding it in a water cave isn't really related to digging. You could find something else in it, like rare furniture or whatever.
I'm fine with just burying it in the golden spot and waiting for a tree to grow. I think it'd be nice if it was a little harder though. I know it's supposed to be easy, but c'mon, it doesn't have to be that darn easy.
What Hima said.