Anecdata, ahoy: I've been mostly out of the water since July, when I sprained my ankle. I started long-distance lap swimming in September and my typical workout is a 2 mi swim (72 laps, 3.2 km) in breaststroke, which has similar mechanics to the frog kick. In six weeks' time, my waking resting heart rate has dropped from 78-80 bpm to 58-60 bpm. I just finished a 3.1 mi swim (112 laps, 5 km) yesterday.
I won't have a chance to test the theory because I'm done diving for the year, but I expect that my SAC has probably dropped from my out-of-shape rate of 0.8 cfm (22 L/min or so?) to something more in line with my practiced 0.45-0.55 cfm (14 L/min?).