Wind Waker Graphics Analysis
medium.com
medium.com
Doing some basic demangling on the CodeWarriors names gives you C++ classes and methods:
http://funny.computer/cloud/Random/zww_functions.txt
The "sea" animation is controlled by "daSea" -- "da" meaning "dynamic actor" in Nintendo's naming terminology.
It's extremely unlikely they used texture distortion for the sea effect, since the GPU they used didn't have fragment shaders -- the only method of texture warping is INDTEXMTX, which was only used for the heat effects in Dragon Roost Cavern.
They probably modified UVs directly on their triangular sea mesh.
Smoke effects and such use their in-house particle engine, "JPA".