The "cheapest" way to drown a monolith is through ecodamage

. You'll get even many minerals by doing so.
I've heard of this trick before, but never used it. The only advance I really want to have is command->elite. And usually I've 0 Morale or -2 Morale. In the first case, I get elite by use of shells (build a cheap trained unit and upgrade to what you really want to have). With -2 Morale, I end somewhere near veteran, and I've got to fight battles anyway. So I never bother to sink a monolith.
By the way, to me it seems to be impossible to advance a unit to elite if you have sufficiently negative (-2) morale, if the unit belongs to a base without Childrens Creche. I moved a "commando" unit to a monolith and it said something like "has been advanced to commando status".
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I haven't found any way to upgrade air units, however.
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Monolith floating in the air. Boiiing!