DepthFade - but not really. Help!

If those meshes don’t move, I know it sucks, but the cheapest possible way to do this is with one large texture, painted by hand to mask out exactly which portions you want. I remembered reading about some game developers actually doing it this way for game oceans where they want to mask the shore from the rest of the ocean. Otherwise, the distance field thing is the only other option I know of.