Yes, but the point was that MK's nado goes horizontally very fast. The opponent would have to immediately start chasing MK into the water the second he starts nadoing away, and if he goes close to the blast zone, the opponent has probably 0 chance of safely punishing him, while MK will be able to jump out of the water by then to punish the opponent that likely is in the water now.
I'll test it out when I get a chance, but I just see it as being problematic in tourney.
Just look at how long it takes before you can do anything after falling into the water, and you'll see how crappy falling back in the water really is. Not to mention characters would be able to pressure MK offstage much easier anyways.
You have a set jump distance when jumping out of the water. It decreases every time you continuously jump in the water until you can barely get out 1 aerial. Only B moves that reach vertically have any worth, and that's really their ONLY option after a while, since aerials won't be very effective.
It's like 40-50 frames at least. A character falls into the water, dips down for a little bit, goes back up to gasp for breath, then a slight lag, THEN you can jump (and only jump) to another buffered input.
To achieve less lag, you have to skim the nado across the water before falling, and that's pretty inconceivable in that kind of situation.
MK is so slow in the air, only B moves will really reach anyone.