Marhkimov and I put a great deal of effort into it last year... and we came close. (or so it seemed)
The price to pay in FPS loss was too great.
Unfortunately, we abandoned the project long enough ago that I've forgotten almost all of what we did.
I DO remember that our very limited success had to do with one of the Fresnel coefficiencies in the Scene.dat file.
In SH3 now... looking up from UNDER the water near the surface you can see much of your sub...
In that respect the possibility of the idea is certainly viable.
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