Corrosion isn't a problem. Don't worry about it. My coil cleaning chemicals are damned harsh, permanently etching my safety glasses, and I've been cleaning the same coils for over a dozen years. The coil can take it.
Don't do the cloth thing, that will impede airflow and make matters worse. Airflow is everything here, the dry coil is more effective than one with the wet cloth on (probably - going on a hunch with no numbers to crunch).
The finer the mist, the better. The more area of the coil you can cover, the better. Give first priority to the hottest end of the condenser.
Seriously consider cleaning the coil very thoroughly, and checking your refrigerant levels. Like I said, airflow is everything in AC and it doesn't take much blockage to make the AC seem beyond hope. I use a foaming alkaline solution but it's hellaciously harsh; you can get nearly the same result with soapy water and a strong spray to blow out the gunk.
Your whole problem could completely go away with $5 and ten minutes at the local self serve car wash.
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