Jamie,
if you have elevation data in the form of contour lines and spot heights, the first thing to do is to make a DEM from this.
Perhaps TopoGrid in spatial analyst, or the tin building tools in 3d analyst.
Note that the OS topo 50 data might not be detailed enough to give you a realistic representation to accurately visualise 50cm changes.
Once you have a tin surface in ArcScene, create a large polygon underneath your data, then use the base elevation setting to set the polygon at the desired height. If you want to get volume differences (between this level plane and the tin), the polygon has to have an "elevation" attribute so you can use the Polygon Volume tool.
Good luck,
Neil