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The Malibu 8301-9501-01 (CL115) 20W floodlight is a submersible fixture.
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Only those power packs that have a ground shield and say “Suitable for Use with Submersible Luminaries...” The Malibu 8100-9300-01 (ML300RTW), 8100-9600-01 (ML600TW), and 8100-9900-01 (ML900TW) have ground shields.
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No, it will overheat. It must only be operated when submerged.
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Put a rock or weight on the circular base.
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Using the submerged floodlight with a fish population is not recommended.