If I am using really well-draining soil does it matter if I water continuously, say with a mister? Seems to me the roots would never be saturated in this scenario, or am I missing something?
No, it doesn't matter in theory, but...
If you leave the bonsai wet all the time (the foliage), it will develop some or many types of fungus.
That is why automated systems (with sprinklers) will go off early in the morning and, if needed in mid-afternoon (in the Summer for instance); so the leaves have time to dry before evening - to avoid fungus.