Nah I woulnd't charge anything for it, I'll just release it here.
I don't know how I would accomplish the particles you describe in a post shader, I would think that would be suited more for a particle effect. But the wavy refraction is no problem (maybe with an underwater tint option?).
It will be next tuesday or wednesday if that's ok, I'm tied up at work this week (plus I need to brush up on how I set up the post shaders, it's been a while since I messed with them!)
I haven't had a whole lot of time to devote to FPSC this past year, so it's very likely I missed your emails completely.
EDIT: This shader will need to load an external texture for the refraction. I've only provided one empty "slot" in FPSC for a shader of this type called "multi.fx". We have a couple of choices if you want multiple versions of this shader. You can simply replace one of the existing shaders that use external textures (like rain or gasmask). OR...I could add more slots to FPSC to allow more shaders of this type - I would just need to add it to the source, which is no big deal.
SPECS: Intel Corei7 3770k, Nvidia GTX680, 16GB RAM, Win7 Pro