I think of Lye Discount as the same thing as Superfat. In other words if you use less lye, the amount of unsaponified oils should be higher when the lye is done it's thing. Remember that the higher your superfat %, the higher your risk of DOS or rancid oils long term... (but don't let that throw you).
Instead of water discount I think in terms of lye concentration. In the long run you want most of the water you add to evaporate from the finished soap... also known as the curing process. Less water to start with means a faster cure. But obviously you need enough water to thoroughly dissolve the lye and to keep the soap from seizing, overheating, or just tracing too fast for you.
You may do better to abandon the idea of water discount and just experiment with different lye concentrations until you find what you are happy with. On Soapcalc you can set EITHER "
Lye Concentration" OR "
Water:Lye ratio" but not both. They are the same thing. I use a 2:1 ratio which is the same as 33.3333% Lye Concentration.
HTH!