yaboiryan said:
I am rendering it as a plane with a bunch of triangles with fluid simulation and also added a transparency effect
yaboiryan said:
It seems like doing an animation would cause the model to run slower.
These two are at odds.
An animation is usually quite simple to run. You have an animation sequence that loops and requires almost no effort on your part. A fluid simulation that updates a large triangle mesh requires far more work and takes more time. There are some rather advanced shader work that divides the work across a thousand shader processing units or so on the graphics card so it runs more quickly, but it is still far more work than a simple animation.
Games of the era you are trying to duplicate used very simple animations and overlays that looked like waves to players. In the era immediately before that one, they used palette effects to rotate the colors rather than change what was actually drawn, and sometimes an overlay layer on hardware that did that kind of thing.