Ah. And there comes all the incompatibilities I mentioned with fixing the issue. It would be a good mod, however. Do you experience it on your Nvidia card, Tech? For kicks, I plugged in the Creation Kit and I was looking at the issue I have in the Dark Brotherhood Sanctuary. Changed multiple effects (it really is hard to see the effects, since they don't show up in the render window). Figured out that if I move the waterfall splashes Z down to negative infinity, the issue is removed. Of course that's just a brute force hack lol and looks weird. However, I couldn't seem to locate the specific fog effect, as there were a ton of them (I'm a newb when it come to the CK), and it's time for bed.
I do experience it. I did on my GTX 760 and I do on my GTX 1060. The only reason I know about it all is due to my work with Relighting Skyrim and having to mess with Helgen's lighting. I've already started my own lighting and effects mod that has these issues dealt with. For some reason when one of the mist/fog effect clips with other effect (especially water effects) it causes the flickering. You can try to assign the fog an emittance, which really helps to negate the issue. However, in some cases the objects just have to be moved so they're not clipping.