Retraction
I have removed my own answer (which however can still be found in the revision record), because it has a counterfactual implication.
Consider a velocity field ${\bf u}({\bf x},t)$, where ${\bf x}$ is the position vector and $t$ is time. Let us say that ${\bf u}$ preserves magnetic flux if and only if the magnetic flux through every closed curve, every part of which moves at velocity ${\bf u}$, is constant — as if the flux were moving at that velocity. Then (as I said) Faraday's law for a fixed loop ${\cal C}$ reduces to
\begin{equation}\label{2}\tag{2}
\oint_{\cal C}{\bf E}\cdot d{\bf x}
= -\oint_{\cal C}{\bf u}\times{\bf B}\cdot d{\bf x} \,.
\end{equation}
So far: so good. But then I claimed that in so far as the ${\bf E}$ field was due to the moving flux, we could localize the influence and interpret the above equality as element-by-element, obtaining
\begin{equation}\label{4}\tag{4}
{\bf E} = -{\bf u}\times{\bf B}
\end{equation}
as Faraday's law for a velocity field ${\bf u}$ that preserved magnetic flux. Similarly, for the Maxwell-Ampère law (with no conduction current) for a velocity ${\bf u}$ that preserved the electric displacement flux, I claimed
\begin{equation}\label{6}\tag{6}
{\bf H} = {\bf u}\times{\bf D} \,.
\end{equation}
Together, (4) and (6) would imply that if the velocity ${\bf u}$ is flux-preserving (in both senses), then both ${\bf E}$ and ${\bf H}$ are perpendicular to ${\bf u}$. This in turn would imply that a wave traveling at a flux-preserving velocity in an isotropic medium is TEM.
That implication is wrong. Counterexamples include:
The TE and TM modes of a straight lossless rectangular waveguide; and
the evanescent wave due to total internal reflection of a plane sinusoidal wave by a plane interface, and the superposition of the incident and reflected waves; both the evanescent wave and the superposition are TE for the s polarization and TM for the p polarization, but not both at once.
In both cases, a waveform travels at an obvious fixed velocity (that of the evanescent wave in the latter case), with no other change, so that the velocity is flux-preserving.
So the existence of a flux-preserving velocity does not give us a license to interpret the integral forms of the Faraday and Maxwell-Ampere laws in a localized manner.
Philosophically, the problem seems to be this: Because a flux-preserving velocity does not exist except in special cases, the flux per se is not some sort of "stuff" that moves, and does not become such in those cases in which, per accidens, a flux-preserving velocity happens to exist. And even if we accept the premise that all instantaneous influence is local, we cannot construct a valid physical argument by localizing the influence of "stuff that moves" if we don't physically have "stuff that moves"!
I hasten to add that equations (4) and (6) are still correct if we take ${\bf u}$ as the ray velocity, the determination of which was the original reason for my interest in this matter.
So, in terms of my original purpose, the problem is this: Flux preservation doth not a ray velocity make.