new TIG torch question

Very risky. A 200 amp water cooled torch can only handle about 90 - 100 amps without water and even that might melt the insulation.

An actual air cooled torch has a much heavier conductor and insulation.

Absolutely positively not, unless by low amps you mean less than 10A. The power conductor on a water cooled torch is also water cooled and vastly smaller than a non water cooled equivalent. Without the cooling water flow that power conductor will overheat and at the very least melt through the hose it's in, destroying the torch cable.

I have a weldcraft 350 amp water cooled torch, and was told by a very reputable repair facility here in atl, not to run it without water in it, well my cooler had stopped and I said wth, I did one very small 30 minute aluminum job at about 70-80 amps and literally melted the connection inside the torch going to the handle and lost connection, had to replace the inner cooled cable