It would have been a nice feature indeed, most probably there was no time for it
Right now something could be done, by modifying the specular texture map and specular power from the .gr2 files (don't know how the gr2 exporter is progressing...). However it will have the same intensity level no matter what the wave height or weather would be.
A second solution would be to modify the vertex/pixel shaders. Don't know if that would work right now but it's worth a try.