I've done this with great success on numerous blacktails. I think the rapid cooling is really good for the meat. That said, I've never had to then store the meat in the field for prolonged periods. I was always able to get them to a hanging fridge within 48 hours. I know a lot of people say not to put them in water because of bacteria growth. Do you expect you'll be doing this on long trips?
I'm going on a backpack/canoe moose hunt later this month and I've been wondering what approach we'll take for meat care in the field. Part of me wants to rinse/cool it in a creek or cold lake and part of me worries that could introduce bacteria. If we get a moose, we probably won't have it on ice for about 48 hours. I guess it'll depend a bit on what water sources are available and what the air temps are. More research is required.