Hi,
A blast from the past :-). This is very similar to my Euphotica effect from WaterWorks for v0.9. I wrote that for the same reason too, to fake a transparent look when v0.9 didn't support transparency. Euphotica did much the same sort of thing, although it used a "physically correct" calculation for the attenuation of light in the water, which is what causes the change in water colour according to depth. I wonder if it would be possible to recreate it using the function nodes, might be interesting to try.
Regards,
Jo