Particles Question

Howdy!

Here's the requirement:
I'm trying to render a decent looking water effect. Only this isn't a pool of water, but rather a stream of water, dripping from the top of the screen. The stream will be interrupted by ramps and fans and wheels and all sorts of stuff, but basically it will stream down and sometimes go left and right, until it hits the bottom of the screen and vanishes...

Here's the plan:
I'll have an array of vec2, where each vec2 is the location of an invisible Bullet rigid body, basically. These rigid bodies interact with static objects in the screen (the ramps and fans and wheels), and such the location of the rigid bodies will change. These rigid bodies represent "links" in my "water".

Now what I want to do is render static particles on and between these vec2 locations. The number and density of both the links in my water chain, and the water particles will be determined by performance. Basically the particle won't need to move, I just destroy and create them according to the movement of the vec2 locations. I won't need to apply movement or physics or collision detection on the particles, only the water link chains / the vec2 locations.

Here's the question:
a) How would you accomplish this? 1 emitter and a fancy particle placement system, or several emitters? Or would you just do this outside of SIO2's system, manually creating the particles without emitters?
b) Does the plan sound sensible? Would you accomplish this differently?

You need fluid physic

Does Bullet offer fluid physics? If not, do you know where I should start looking?