Somebody sells a system similar to this for use on home a/c units. I believe the someone here tried it. It was reported that the a/c unit ran less than without it. The issue was there is mineral build up as the water evaporates. It used tap water (or whatever you push through a hose at it). This mineral build up would decrease heat transfer out of the radiator. I don't know if collected rain or distilled water would prevent this.
I wouldn't keep the water under the hood, I would keep it away from engine heat so there is a bigger delta T°.
I would also consider a nozzle that makes more of a cone pattern that a washer nozzle does. This would more evenly cover the radiator.
Good luck.
Don
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