A spool 20 feet wide has a circumference of ~60 feet, and 3 miles of cable is ~15,000 feet, so 250 loops around the spool. Seems doable.
For volume: Volume of 4km of rope is 0.009^23.144000 = 1.02m^2 which seems like an amount that would fit on a large spool on a ship.
For weight: rope itself weighs about 60g per meter so 0.06*4000=230kg of rope. It has a breaking strength of 22kN, which is roughly 2000kg static load. Given everything is probably roughly neutrally buoyant seems like enough.
Not saying its practical but it seems like the actual volume/weight of rope would not be a problem.
Then take a look at how much weight a string can hold up.
Then you're ready to be taking on space elevators
There are materials that are a bit more dense and others a bit less dense than water. It should be possible to craft a string with a "weight" of zero, when submerged.