Water throwing engine= woh engine jo bister gella karta ho. LOL
Yes the water throwing part has nothing to do with engine internals. But I think there is a threshold point beyond which the engine will not throw water. I think that point is 80%. I mean to say that if an engine is water dropping it means that this engine is atleast 80% healthy. If the engine does not drop water than one can say that the engine is less than 80% healthy.
Yes the tuning issue can increase or decrease the amount of water but there will be some if the engine is healthy. Last winter my car was on very rich mixture, i.e black silencer and black smoke in starting but still it dropped water although it was pepsi cola like.
So the verdict here is that water dropping is no guage to check the engine condition, you can use that along with other things like smoke from silencer, smoke from engine oil cap, and engine noise to make a verdict on the engine