I don't think it would hurt all that much if the mist were distributed equally over the surface of the cooler. That said, I'm not sure how much this effort would really buy you in actual oil cooling. Seems to me you would have to dump lots of water on it to get the temps down.
Do you have problems getting the oil temps back down below 200F once the car is moving again? If so, check to verify you have all the stock radiator air ducting in place, to include the plastic undertray and foam sealing strips on the bottom of the cooler & rad. This makes a big difference in how effective the oil cooler & radiator can cool respective fluids. Also, since the stock system was engineered around the stock clutch fan, if you switched to an e-fan, you'll need to ensure whatever ducting you have pulls air thru the oil cooler properly too. If you still have the stock fan, check the operation of the clutch per the FSM.
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