Kester,
you're right - I have been spending a few years of my life clearing away the underwater debris left there by generations gone by or retired by now...
Mark,
most of it depends on the composition of the seabed. If you have enough mud to have the cannon balls sink as deep as one or two feet, you won't have the means to discover them by sonar. I don't know how capable laser detection might be by now for detecting items buried in mud. In order just to recover some iron cannon balls, you could try a strong magnet.

But if this would have to extract cannon balls out of deep mud success would be unlikely.
Crucial to the efficiency of all lowered equipment is again depth of water - with regard to position keeping and position determination of that equipment and with regard to the weight of the necessary cables.
If the seabed is even and hard bottomed, it would be easier to locate items there by means of sonar. But if there's a strong enough current down there, round items might be anywhere while the same currents might have torn the ships' hulls to pieces.
Environmental conditions will also have a decisive impact on the state of rottenness of wood, hemp and iron.
However, in the absence of those data, which - at least for current and seabed composition - will be readily available in the relevant publications, my words are only the basis for mere speculation.
So long
Ned