The Aquatic update is finally out, and we've updated our server to the latest version! We have a backup just in case, so feel free to reach out to me if you encounter any problems.
It appears that we can update the world configuration and run an "optimized" version. I'll have to look into this further, will determine the benefits of it, and will convert our world sometime in the future, but I want to ensure we don't have any problems with this update before I make any changes like that.
Keep in mind that you'll have to reach out to newly generated areas in order to find the newest content. Here's a snapshot of our world before the update was applied, which may make it easier to find the newest terrain.