Nice. It seems there are a few different approaches to the elusive seafoam here recently. This is a good, straightforward attempt that, with some tweaking here and there could be very functional for shorelines, well done.
My own seafoam .tgd is done and dusted just now and waiting on another couple of projects being added to the collection. I'll upload my vol.3 of my free Public Library as soon as it's complete.
For preview images of the seafoam(it's almost exactly like the image except I've edited decay distance/transparency slightly and checked the 'microvertex jittering' box for the finished file) and the cave project, you can look on page 2 here...
http://forums.planetside.co.uk/index.php?topic=4922.0