Putting aside questions of how effective it would be, I think water would not harm anything _if_ you can dry the tool. But, I think it may not be possible to completely dry the tool without complete disassembly. Just drying what you can reach will likely leave water inside crevices and threads. The guy that taught me to work on bikes decades ago taught me to apply grease to every thread to prevent seizing, gauling, and rust. Which grease you ask? Bike grease, of course. I contacted Phil Wood and was told they do not use silicone in their green waterproof grease, so that’s what I use on the threads on the plane, but not on the knurled knob, though, where it would be a dust magnet.