Here is a very rough calculation:
It will take approximately 600 cal/gm of water to heat it from 50 degrees Centigrade and convert it into steam at 100 degrees Centigrade. This will theoretically absorb heat from the AC condenser and thus improve the efficiency.
One BTU is 250 cal, so a typical 20,000 BTU AC of a small car is putting out about 5 million cal/hr of heat into the air. To improve the heat efficiency by only 10%, you will need to absorb 500,000 cal/hr by the water spray, or about 833 gm of water per hour.
Some water will be lost by dripping down rather than evaporating completely. So you can estimate about 1 kilogram (equal to 1 liter) of water per hour to improve efficiency by 10% if the temperature in the engine bay is 50 degrees Centigrade. So, the spray output should be about 16 cc per minute sustained.
I can see that the practicalities will prevent even that gain.
Good idea, but it is likely to be not cost-effective in what you are trying to do.