I just dug my N64 out and watched it (the clip you linked to only had the movie itself, not the sword and shield title). It's almost like a slow smokey flame.
Here's some tries at something kinda similar.
http://pi.shockingtales.com/ipf/oot.zip
It's kind of hard to get the sway nicely, this month's Vapors emitter is a good starting point for that feel though(I used it for the haze one), and the old Flame2B that's in the Fire library was used for the other one.
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Elvis Deane!
The particleIllusion FAQ
particleIllusion Resources and tutorial CD
Astounding Adventures
