BT's normal heat sink systems also involve concentrating heat into material, the difference is that the canonical heat sinks pump it into fluid coolant which goes to a radiator system (SHS using heavy but space-efficient graphite radiators and DHS using lighter but space-intensive polymer radiators), while this version pumps it into molten droplet medium to be temporarily ejected out the ship. It pretty much has to be since radiation is so inefficient at low temperatures (radiation emission power scales with T^4).
But forcing higher temperatures requires additional energy and it also sounds like a complete nightmare for maintenance.
No, tiny droplets are one of if not the most efficient (in terms of per unit mass) method to increase heat dissipation via increasing surface area.
But for optimal efficiency the droplet cloud should also be quite diffuse, which limits the total mass flow. It could be that the ship would be better off with traditional radiators.