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It will cause the exhaust pipe to oxidize faster. It will "rust" faster but not because of water.
Don't bother with it unless you have stainless exhaust or a diesel.
I don't think it will help fuel economy.
If you want to do something with the exhaust on a gasoline engine to boost fuel economy the only thing I can think of is add an exhaust/coolant heat exchanger.
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1984 chevy suburban, custom made 6.5L diesel turbocharged with a Garrett T76 and Holset HE351VE, 22:1 compression 13psi of intercooled boost.
1989 firebird mostly stock. Aside from the 6-speed manual trans, corvette gen 5 front brakes, 1LE drive shaft, 4th Gen disc brake fbody rear end.
2011 leaf SL, white, portable 240v CHAdeMO, trailer hitch, new batt as of 2014.
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