Neither of those two would work for me, seeing as my planet is so flat having water being a separate entity is impossible without lowering the entire ocean floor (which is currently my ocean), but that has a chance of distorting my planet... But I may try that still.
Number 2 would not work for this render in particular because the entire planet is randomly generated, except for the ocean floor. Plus I would've just used distribution shaders or the like if I had terrain under my water.