It's tough to tell stories. Sometimes, you ether spend too much time on set up and explanation and the reader gets bored. But if you eliminate too much, cutting scenes to the bone, you may leave the reader confused and disoriented. Grant Morrison's problem is almost always the latter. His stories are usually ambitious and convoluted, filled with time travel and other reality-distorting elements. Often after reading one of his comics, I'm left with the feeling that entire pages were missing. Seaguy is one of those comics.
The single six issue story is divided into two three-issue series - - Seaguy and Seaguy: The Slaves of Micky Eye. The story is basically imagine if Blue Beetle was stuck in the village from The Prisoner along with several other heroes and villains, and the village is run by Disney. That sort of story is cliched for a good reason. It almost always works. And it more or less works here.
I wouldn't encourage you to pay for the hard copy, but thanks to Cameron Stewart's art, it's definitely worth 99 cents an issue next time it's on sale at Comixology.