True enough, if you realy want to understand how something works, your going to need to look at it very closely in its static and operational state.
Saws don't run water so running water trough them would be little help for moddeling air flow, maybe a more suited experiment for designing water pumps, there is no such thing as trial and error, just try and see.
Back in my classroom days I did try an experiment making a crude wind tunnel and testing some model airoplane wings. I found the smoke paterns very hard to see and nearly impossible to photograph, just too much turbulence and instability. However the simplistic air drag and lift measurments worked quite well and I got good marks on the project dispite the smoke thing being a bust. Just an example of how it can be tough to realy see what is going on with out a million dollar research lab, however the effects can still be measured with more simplistic methods.
Not sure how much difference there is between low RPM operation and High, I suspect the difference could be dramatic as wave action and resonation kicks in at full RPM.
Good luck with it, as always it will be interesting to see what you find.