Water through the inside of the IC, air through the outside is the most efficient way - less pressuredrop and much, much lighter.
An oversized radiator is a good thing since the (sum of) thermal efficiency of a water to air intercooler is less than a air-to-air intercooler.
If waterspray is used, make shure only to moist the radiator, not soak it, when water evaporates, it consumes many, many times more energy than its specific heat capacity (the amount of energy it takes to raise the temperature 1 degree celcius/kelvin) which mean that you will have a cooler radiator/IC core, but use less water.
A CO2 spray bar is also a nice thing to have, it can lower the intake temperatures on a air-air IC alot on a water to air ic, one should be a little more cautious since CO2 is approx -60 degrees celsius, but with a corrected flow of CO2, "iceing" isn´t a problem and watertemps kan be lowered to +5 degrees celsius or so without problems OR one could use "wintermixture" (glycol/water mixture we call it in Sweden) that lowers the freezingpoint to -40 celsius or so. Only problem with that is that the specific heat capacity of the mixture becomes less and the thermal efficiency of the water-air intercooler is decreasing when not sprayed with CO2 (cooled naturally by airflow).