Being a guide I would say that hunting water is a safe, legal and ethical thing any hunter can do if he/she chooses to. The AZ G&F even has in its regulations that it is an effetive form of hunting but to be sure that just becuase you are the first one there that you do not own the spot. The thing to remember is that to each is own. What works for you may not work for others. If its safe, legal and ethical then why not.
As for hounds..I'm all for it. Having never done it I cannot think of anything harder to do than to keep up with dogs. Even horses do not have the ability to climb like some of those dogs do. You must be in great physical shape to hang in there.