Finally some luck with Steempipe's water shader from 2004 (+ quick and dirty added alphachannel). Would be even cooler if it would support shade-c lights but I dont think that is possible, atleast it moves.
[ location: Shadermodel 1.0-1.4 folder from the Massive 3DGS Shadercollection lite c ]
(With original texture which has no added alphachannel)