Hi Ben,
There is certainly more, but not to my knowledge that would fit the term more “fluid”.
Water simulation is a complex field. I believe that the suggested method was one of the more simple ones.
I exclude any wave (displacement) stuff here, as you wrote about “breaking up wave”.
Where I believe is at least Thinking Particles needed, if nothing else is used.
Some will suggest RealFlow, but well, how much time do you have?
If you like something closer like “ready to use”, you might check http://www.add-the-sea.de/eng/
But I haven’t used it since (?) eight years or so, so I’m not familiar with the current options.
All the best
Sassi