Water multiple refraction with depth peeling

I use springfields to create interactive realtime water simulations

and all is well
EXCEPT
when rendering 3D waves (from a low camera angle) there is no way to calculate the true refraction
because it may include multiple waves:

eye < |---1---| |---2---| |---3---|

for this to render correctly I would have to render the far side of wave 3, then the near side of wave 3
then the far side of wave 2, etc.

I realised this morning that my cloaking technique:

which uses forward and reverse depth peeling (to get some of the near layers and some of the far layers), could be used to solve this problem

so, before I get out my hammer and tongs, how do other people approach this problem?