In that case I would push the turbo to its limits before looking at water meth, very easy to make 300kw before then, it is just extra complexity that can go wrong and if it does (pump breaks etc) it'll fry your motor right there and then.
same deal with water to air, good if done properly, but a good air to air is good enough most the time, if its done badly then w2a can be worse due to bad heat soak.