Dump? Well I thought if I could use a really small main jet, the carbs would deliver the proper amount water to fuel and air to allow me to get away with more compression on 87 octane in my mileage engine.
It might, but you probably would need some adjustability for it to really work right (i.e. adjustable boost on turbo and EFI). If you like to tinker, why not try injecting water into the air cleaner with an atomizer of some sort? The trick is to get as fine of a mist as possible without having to spend a lot of money on a high pressure pump. Also, consider playing with a water/alcohol mixture...I think that's the way it's usually done. Good luck, nothing ventured, nothing gained!