Whoa, that's a cool method but honestly it seems risky. Wet clay can trap steam against the metal and cause hidden cracks. I've always had better results just using a directed air blast for spot cooling, way more control.
Remember that risk with wet clay? A friend of mine learned the hard way. He used it to cool a knife blade unevenly. The steam pocketed and left a crack he only saw after polishing. Thing snapped during a stress test. Air blast is definitely safer.
Yeah, that's the thing with old methods. They work until a hidden flaw shows up. @sage204 is right about the steam risk. I see this everywhere now, like using a kitchen sponge for way too long because it looks clean, but it's full of hidden bacteria. The problem is under the surface.