Can confirm Jjaggs response from experience… Very smooth 
Because I was so happy with my results using this approach, I will share a few additional findings:
For shallow water you can wade or drive through:
Once I had my rendertarget ( containing all the bits I wanted reflected), I then drew the bottom of the lake, so that the player could see the collision surface, and then drew the render target slightly transparent on top of that…
This way, the murky bottom and other things below the surface are visible through the water, while not being reflected…
-And then on top of it all, I added an overlay image of some fore-ground coastal elements to hide the rectangular nature of the render-target, and make it blend into the scene…
Here is a link to my games showcase post on this site… Scroll down a bit for the picture of water, and you can get a visual of what I’m describing.