I have yet to conduct any definitive tests on the torch shrinking
but IMO cooling the area with water (regardless of application method) will not have any effect on the amount of shrink, but the benefit is that it will "encourage" the shrink to happen more quickly to speed up the process of seeing what reaction the panel has taken for planning your next move... Allowing it to cool naturally should shrink the same amount, but you may have to wait for that to happen so you know where to proceed. In choosing your cooling method (if you so decide), a damp rag should work more effectively than a spray bottle, as it doesn't go into an immediate evaporation, you'll still have some cooling medium there....
