Bubble "lubrication" works, primarily by reducing viscous drag (it effectively dramatically reduces wetted area). The snag is the power need to get a layer of bubbles under the hull, as they need to be at a fairly high pressure to work. Low pressure bubbles have the opposite effect and cause the vessel to sit lower in the water. It's how some old torpedo and depth charge explosions used to sink ships, they'd great a large gas bubble under the centre of the hull, leaving it unsupported by the water, so the ship would then only be supported at the ends and would break in half. The same effect has caused big ships to sink when large undersea gas deposits have been suddenly released.
The golf ball dimpling effect does work if you can get it right. Some fast swimming fish (sharks, for example) use the surface roughness of their skin to reduce drag by creating a thin turbulent flow layer that effectively "lubricates" the area immediately around them, reducing the energy they need to expend on swimming. Dolphins go one better, by having semi-active control of surface flow over their bodies. They have flexible skin, with an elastic layer underneath it that deforms with local dynamic pressure. This acts to constantly move the skin surface in and out as they swim, optimising local flow conditions at the micro level and reducing the energy they use when swimming fast.
[edited for typo]




