I was only talking about moisture being added to the space. Since you fill in your garage(basically outdoors) that isn't an issue. I fill in my house, so it would be. I crank the AC to 71 degrees and my RH is going to be 50%. I have a fan on my compressor to keep head temperatures lower. My filter stacks measure 110 degrees on their surface after several hours of pumping. In my case if I used a wet towel, I would cool the tanks but I would add the moisture to the air in the space.
I know that people like to say that whole 95/95 or 100/100 thing but it isn't even close to right. Yes, it will be 95 degrees and 95% relative humidity on the same day but not at the same time, ever. By the time it is 95 degrees the rh is going to be down around 45%. Regardless that is humid! the wet towel will be more effective in the 45% condition but of course you are probably trying to avoid pumping in the heat of the day.
When you say "you don't necesasarily have to be in a wet bath to get the effect a wet wrap will do nearly the same" that will only be true if the deck is stacked. Factors at play are these. How cool is the water in the tank? Is it circulated? For the wet towel approach it is more complicated. How cool is the water in the towel? Is it renewed as it dries? What is the air temperature and RH? Is there air movement? What is the density and composition of the towel? Those variables make the towel method range in effectiveness from good to almost worthless. For instance, If the towel is allowed to dry out or if you used say an old army blanket, I could see it becoming insulative. With the water bath it is straight up delta T and water movement.
I am not trying to be argumentative. I find the study and discussion of heat and heat transfer mechanisms to be fascinating. Our understanding of what heat even is only occured recently. (late 1800s) Often it is not intuitive. Latent heat and the heat of phase change (evaporation, condensation etc) is highly discounted and is nontrivial. For instance, evaporation requires large amounts of heat which is why it is so effective as a means for cooling. The energy that it takes to raise the temperature of water from room temperature to boiling is only 1/7 of the amount of energy that is required to change that same water that is already at the boiling point, completely to vapor.
You are right, every setup has it's own set of issues. In your case a fan on your wet towel and using a towel with lots of loft or surface area could make it far more effective but only in the drier part of the day. If it is 100% RH then it will do very little and at that point it is more limited to the amount of heat that can be transferred into the limited amount of water(mass) in the towel.
Here is my setup. I am fortunate to be able to top up hours later from my cascade. Point of interest. If my cascade is low and equalizes at say, 3,000 psi and I come back later to top off, the tanks I'm filling will be at 2,700. The cool part(pun intended) is that the bank tank will now be at 3,200 because it had cooled down below ambient from the pressure drop and has how warmed back up. I love this stuff.