Hi, I have previously used your low end version and now your high end version of the waterfall. The idea behind it is actually a pretty good one. Congrats! Very creative, and very useful!

It is my pleasure to assist you with my feedback.
Comparing both versions, I would think, you don't need to increase the particle count necessarily, but what you could do, is to combine both visual effects! Means, add that effect from the low-end waterfall to this high end version, but not fully visible but only maybe with a 50% transparency. Also, keep it possible to walk through (not possible with the low end version). That, and the particles together, should give the illusion of a waterfall.

More suggestions, because they are important:
1
Use a radial menu or a window menu where the user can adjust the height. Why? I use them on a raft, and the water comes through the ceiling to the rooms below. Not good.
2
Nice butterflies, nice glowing blossoms. But allow your fan community to decide through a settings, if they want to switch them on or off. I am building a ship that I want to look good, not too dreamscapy. See it here: https://ibb.co/album/cDyk1F
3
While the raft moves gently up and down, once mounted on a raft, your waterfall does not move with the raft up and down.
4
Allow the user, to set the width of your wonderful waterfall. The wider, the more particles to keep its good look.
5
Sometimes, waterfalls flow down on diagonal landscapes or even walls (roofs). Allow the user to set the angle.
6
Allow the user to set different "scenes" where the water comes out: the existing rock with plants, plain rocks (different shapes), desert rocks, metal or stone pipe (small and large diameter), no diorama at all (just the waterfall alone).
7
Have a bit dust (water vapor) all the way down and up the water fall. More at lower levels, still a bit on higher attitudes. Amount depends on height of waterfall (user setting). The vapor would slowly move sideways and disappear more and more. At the waterfall's bottom, the vapor is so thick that the waterfall can hardly be seen.
8
Some users might want to adjust the noise level of the waterfall.
9
If snap points exist, it would be nice if the waterfall could snap to them. Like when placing it on the edge of a ceiling, foundation, or to a wall. This would be helpful to center this precious piece. :-)


Having said all this, I once more congratulate you! This is a mod that is very useful through its natural beauty.

You should also add another mod that consists of WATER BLOCKS, (there is one mod like this) but an improved version that can be mounted on rafts. If you look at the screenshots of my URL I provided further above, you will get the idea, why. It's also needed by most who use your waterfall with some more design intentions behind. Please check out that existing water blocks mod and improve your own version of that. Remember, raft-usable.