If it was a morphing magic - which it would have to be-, then it would have to be a the effect of a glyph. If it is the effect of a glyph, it is not a racial trait. If it is not a racial trait, any race with the exception of Kran (magic resistance) would be able to use it. So, possible, but you would also have to allow Merdwarves... *shudders*
Anyways, best to wait until we can swim before we start trying to figure out how to go faster.