Well..ocean foam, white caps can be tricky, here´s some very old testing with just fractal texturing..from 2012 :)
You can of course try the Hot ocean plugin, that one can be slow though to "simulate" but it would take in account a more realistic seafoam, white cap generation of bitmap textures.
I need to fix the click on images, or right click and open in another window though, to see if I can get a better full size image once clicked upon.
Right now when clicked upon, they will be enlarged with the annoying scrolling boarder, and if you right click and choose to open in a new window, the size is not the full size and you would have to change that in the webadress end sizing, so I will get back on that.
So the fractal texturing above, though that is displacement and the old 2011 render engine, to mix with the 2019 and up engine and it´s surfacing below..which is purely bump mapping..
Not lightwave, but ..end results..pretty nice, and fast. Could be used for cycles as well of course, but take care about the warnings that it may be unstable.
A tip, if not using Lightwave displacement, nor hot ocean.
It´s quite easy to get ocean waves going by just using blenders ocean modifier, set keyframes for the time to animate the waves, export to Alembic, it should work nicely for at least the ocean waves, of course you can not adjust waves after in Lightwave, so make sure you are satisfied with the waves in blender. Texturing/the foam ..I haven´t tested the baking, just did a bake but need to check if it adapts to the alembic file in Lightwave. So you need to activate foam and bake it out on a dedicated folder, it bakes as exr image sequence maps. I need to check all the right mapping options though.
https://photos.app.goo.gl/EPhbwbFuf1jCsj8W8