A subphase exchange cell was designed to observe fluid-fluid interfaces with a conventional optical microscope while simultaneously changing the subphase chemistry. Materials including phospholipids, asphaltenes, and nanoparticles at fluid-fluid interfaces exhibit unique morphological changes as a function of the bulk-phase chemistry. These changes can affect their interfacial material properties and, ultimately, the emergent bulk material properties of the films, foams, and emulsions produced from such interfacial systems. In this work, we combine experiments, computational fluid dynamics simulations, and modeling to establish the operating parameters for a subphase exchange cell of this type to reach a desired concentration. We used the experimental setup to investigate changes to a graphene film during a common wet-etching transfer process. Observations reveal that capillary interactions can induce defects and deformations in the graphene film during the wet-etching process, an important finding that must be considered for any wet-etching transfer technique for 2D materials. More generally, conventional optical microscopy was shown to be able to image the dynamics of interfacial systems during a bulk-phase chemistry change. Potential applications for this equipment and technique include observing morphological dynamics of phospholipid film structure with subphase salinity, asphaltene film structure with subphase pH, and particle film synthesis with subphase chemistry.