The top the tentacle would need to be strong in tension in the longitudinal direction to prevent the tentacle from ripping away from the blimp. The bottom the tentacle would need to be strong in tension in the circumferential direction to prevent the water pressure from exploding the tentacle. The mathematical limit on the length of the tentacle is probably determined by the tensile strength of the material used.
I am not sure what kinds of condensation rates one can expect on the massive surface area of the blimp but I imagine some coatings can help it along. This blimp can follow clouds around and drip out a stream of water. There would probably be some very creative names for a blimp like this. If oil prices continue to rise this blimp might make economic sense