Having worked with the various components and conditions that being an engineer on the Rio Grande offered, I would mention that the "water brake" may have been an experimental effort at best, and a back-up method used when you were biting a bullet.
Fred Oster mentioned that light engines used a combination of air braking and cylinder compression braking for light engines. A light engine move working down a 4% grade taxes the air braking effort (tires, shoes, boxes, lubrication) with a light engine. A light engine running in reverse is a world of difference when compared to train handling. A K-36 can hold itself and a car or so on a caboose hop running in that manner, but there is a balance of braking effort available in the cars on such a light train against a heavy engine, so my practice would be to make very light air applications to complement the cycling of reversed valve running.
Engine manuals state that you should alternate between running the air brakes and "running in the britches" every mile or so, to prevent overheating of driver tires and valves and cylinders.