Lead does't act like steel, it doesn't get harder from a quick water treatment.
And, yes, dropping bullets directly into a bucket of water is a good way to cushion/cool the drop and prevents damage to hot, soft bullets.
Straight wheel weights are quite "hard" to the touch but they don't make real good bullets as they are, they need a bit of tin to help keep the antimony in alloy as they cool. Otherwise the hard antimony and soft lead will seperate and the exposed lead will smear onto your bore, sometimes badly so.
hmmmmm.............???? No. This is not good information. I hate to disagree wth anyone, but this is just flat out wrong. Lead does in fact get harder from a quick water quenching. Straight WWs make GREAT boolits as is, even with no tin. Lead/tin/antimony (which makes up WW alloy) is a STABLE SOLUTION. Once mixed, it will NEVER seperate.