Just my thoughts, I like a goof theoretical scenario....
Agree with the above volume is not required nor breathing rates, but you cannot also assume 100% aerosol in air / making it 100% water...
as you say impossible as inhaling liquid, but even using this:
Assuming the same density as water, 0.05% of a cubic meter (1000 litres) is 0.5litres or 0.5kg/m3, 500g/m3, 500,000mg/m3. Slightly above your WEL.
The trouble you have, is that realistically only a small proportion of that cubic meter is actually airbourne / aerosol. Even if you assumed that 99% of that cubic meter is air and 1% liquid your concentration has only dropped to:
1% = 10 litres, at 0.05% concentration of harmful agent, is 0.005litres or kg/m3, but still a whopping 5000mg/m3 harmful agent.
I believe you can apply the WEL Criteria to "liquid mixture aerosol". But you need to know the concentration of aerosol in the air. There are some real time hand held meters which can tell you this. From here we would then need to just factor in the concentration of that aerosol which is the harmful ingredient with the WEL (0.05%).
So if you measured the air and found 2000mg/m3 of aerosol, and know that the solution from which it is formed is maximum 0.05% hazardous material, the concentration the person is exposed to would be 1mg/m3. Though some of that 2000mg/m3 measured would likely be other aerosols / particles present in the air it would give you a worst case.
Can you calculate the likely % aerosol in air? This depends if you know the ratio of the volume of liquid and volume of air used to generate the aerosol. This could be possible if you know the flow rates of each in the equipment you are using, for example 10litres/s of air for 100ml of fluid etc....
The best analogy I can think of for actually measuring mists / aerosols in the workplace is that for oil mists:
http://www.hse.gov.uk/pubns/mdhs/pdfs/mdhs84-2.pdfBut as you say unless you can demonstrate by risk assessment you are unlikely to exceed the WEL to make measurement not necessary.
To factor in the effect of air replacement / ventilation or dilution would be another matter, which I could also try to explain, if I have made any sense what so ever so far?