Eric Chapin

@sorrowfox
any chance your alien looked like this: 256.photobucket.com/albums/hh198/puddle_jump/peace.jpg
Then then movie you're looking for is called Wizards (1977)

@Brenda- could it be Waterbabies? Above water, it was live action movie but underwater it's all animated. There weren't many mixed live and animated movies at that time and Waterbabies is the only one I can think of that involves underwater swimming.

www.imdb.com/title/tt0078477/ for the movie I am thinking of, to see if it's what you may be thinking of as well.

@Drauph - sounds like Wizards (1977) www.imdb.com/title/tt0076929/

I'm trying to remember this old Saturday morning specials from the 80's. It was not a running series but a one time movie. Someone invented a time machine and in one time period picks up what looks like a blue elephant that can float by inflating his trunk. In another part, they end up in medieval period where they had to deal with a dragon, which turned out to be another blue elephant in disguise.