Cool idea but the only way I believe you will pull this one off is by rendering it in layers and compositing it together. Here is a sketch of what I mean. The red will be one layer, the blue another, the yellow and then the base will be another piece. I would put each on another layer Keap the camera in the same location. You will have to rotate it to get everything to line up perfect. That will be the toughest part. Play with the focal length on the camera and angle. Remember that Escher used a 2 piont vanishing perspective to create this and it will not completely translate to 3D. I would composite the waterfall in later.

edit: combine the yellow and blue.

composite it in photoshop.