So I've been playing around with the world generation settings and I've managed to come up with this which is sort of what I was going for. Oceans are very shallow, and filled with land masses. Most of the oceans look like small lakes. For the most part terrain is fairly flat, but mountains can still be quite large. Some interesting changes are that birch forests usually generate in mountains, as do swamplands.
Sea level is at 20, the average ground level is around 30. I've upped the spawn rate of iron and diamonds, as well as increased the height diamond generates at. In ravines, as well as in extreme hills, diamonds and occasionally emeralds can be seen from the surface.