Seems like a high risk play, only to use as a last resort to me.
I wonder how well the experimentation approach will work in this case though, as:
1. Effects might be subtle and outside of the expected impact area.
2. Timescale might be really important (effects over a time much longer than we anticipate. Or even a timescale that makes it impossible to run many experiments in reasonable time)
Anyway, the idea is to have an ace in the hole in case we run out of other options to reduce climate change--at that point, the question is "which is less risky, geo-engineering or runaway climate change?".
We'd really need to invest in really detailed computer models to make sure we're not overlooking something and shooting ourselves in the foot, IMO.
I think underestimate the carbon cost of this infrastructure and the amount of energy needed to send this water into the air. Chances are it's not going to be doing a whole lot and pales in comparison to the amount of water evaporating and going up due to global warming.