Let's say a submarine is coming to surface with a velocity $v$ normal to the surface of water and let's say you are the admiral of the navy viewing the submarine from the top. The submarine is exactly below you. Does the speed of the sub change or not?
I say it does not. It doesn't make much sense. While the speed of light varies, I don't think there will be a big difference in when the light reaches our eyes because the distance involved is very small compared to speed of light.
Bonus question: let's say you are no longer viewing the submarine directly below you as it comes normally upwards. Let's say that the sub is now moving obliquely to surface, or that you are viewing the submarine at an oblique angle or both. How will this change the velocity of the submarine when viewed above? I am sure it involves normal/lateral shift and probably long differentiations with respect to time. If its got long differentiate, I will put a bounty for it.