Here is a good site for some good casting information, since there are a number of methods covered.
I got into casting recently, and am still early in the learning curve, but as I understand it, the water-based green sand does have water mixed in with it, but it is not a large amount of water, and your venting is much more critical if you use water-based sand.
Pouring molten metal into ingot molds can be dangerous if you don't pre-dry the mold. An ingot mold may look dry, but unless you put it into the flue gases and get it hot, it is not dry, and it may eject the metal into your face. Likewise with any other metal, crucibles, etc. It is not dry until you put it either into the oven or in the flue stream for a while. Crucibles absorb moisture, but you can't see that.
My experience with petrobond (oil-based green sand mix) is that you can get a very fine finish with it, and little if any gassing problems. You do have to mull 30 weight non-detergent oil into it every so often, as it will dry out even though it is oil-based.
I looked at many different methods before choosing petrobond (green sand) casting.
The whole lost-wax process is too complex for my home shop.
You have to cast the wax, dip the wax into ceramic slurry and then sand multiple times, have a bake-out oven that operates at 1200 degrees to get the wax out, and then you have to break off all the solidified sand/slurry after you are done, and you can't reuse it I don't think.
Your propane usage would probably double with the bake-out.
I really don't have time to spend a day making and baking the molds for the lost wax process. With green sand, I can start the furnace and put in some AL, then while the metal is melting, ram up a mold in 15 minutes, make a core in 15 minutes, be pouring in 45 minutes, and be cooling and trimming the part to size within an hour. Can't do that with any other method that I am aware of.
Accuracy with petrobond and fine sand cores is very good (if you are careful in your setup), and too good to justify lost wax or other methods (for me anyway). Petrobond can be reused repeatedly.
Here is a link with many casting methods examined.
http://www.sfsa.org/tutorials/index.html
Here is a US supplier for casting supplies.
http://budgetcastingsupply.com/
I don't use flux with AL, and you don't need to use flux or degasser if you heat quickly, don't stir, and pour at the right temperature (not too cold).
Pat J