Well Doolittle, if you have tried the EE mod you will probaly know that you have to choose between the lines in the water in PE4 or totaly flat ocean, both me and Wclear have this problem, so if you can't live with one of those problems try using the stock SH4 scene, where the bug is less noticeable, but you will get silver water instead.
I hope that the SH5 will correct this, it's the most anoying thing there is about SH4