Er, I wouldn't personally do it, and if it's something she doesn't like it's not a "redirection", it's a punishment. A redirection is more like when I say "hey guys!" to get the dogs' attention and then give them an alternative command.
Have you tried training a "look at me" command? If all you're looking for is a way to stop an unwanted behavior in order to give an alternate one, some kind of "watch me" or "look at me" command would be a positive way to redirect.
Since the water comes from you, I'd be concerned that she'd begin to associate you with this thing she doesn't like at all. Dogs don't always make the connections we think they're going to make. She may connect the bad thing she's doing to getting squirted, or she may not, she may just connect that you = squirt = bad. It's not a chance I'd personally like to take.