Water cooled Mark, not water cooler....as in an A/C unit that is cooled by a thru hull water flow...
Ok. Not familiar with that. Water cooled meaning that the system is dependent upon the temperature of the surrounding water to cool a room? So you pump water through a finned coil and blow air across it........Yes?
Problem I have with that is still humidity in the room and temp differential.
On cooling, sit a glass of ice water on the counter in a humid environment. The condensation that drips from it is moisture in the air that you really need to get rid of. If there was no moisture there would be no sweating, to take it to a limit. Then sit a glass of cool water on the counter. Not much dripping. So not much temp differential doesn't result in dehumidification.
Second thing, if you are out in open water in the summer with the sun shining, the surface water temp isn't much cooler than ambient air. Refrigerated air systems use about a 30 degree temp delta to function properly. The evaporator coil that supplies the cold for air entering the room starts out at about 30 degrees cooler than the room temp before the refrigerant travels through the whole coil, picking up the heat in the room and departing.
Outside, the condenser coil is fed high temp pressurized coolant that is at or above ambient and the air outlet of this coil is about 30 degrees hotter than ambient.
I'd still go with the reefer. Besides it's a contained unit and no water pipes to route, leak, corrode, etc. Millions in use and costs are reasonable and replacement parts are abundant. Coleman is one mfgr. of such an item. Trusted name in outdoors here.
Mark