This would be equivalent to allowing walls to be constructed from above, wouldn't it?
Allowing walls to be constructed from above would only allow you to go down a single Z level. It would be less useful in dealing with larger bodies of water - still doable, but you would have to wall off and drain one level at a time. Then again, allowing walls to be build from above without deconstructing when they fall better maintains the current mechanics involving cave-ins and constructions. The bigger issue with building from above is that there's still the restriction of not being able to build in water in the first place. If a tile is filled with more than 1/7 water, you can't build in it. You can set a pump to use that tile as a source and mostly deal with the problem that way, but you might run into issues when going down multiple Z levels due to water pressure mechanics. The short version is if you build a pump ring over 2+ z levels of water and try to build a second ring inside to pump out the second z level of water, it won't pump out the center of the ring, only the ring itself. Pressurized water refills the ring at the same rate the pumps move it out which stops the center of the ring from pumping out. Building from above might still work, it's hard to say whether the pressurized inflow will interrupt the building or not. I've never been able to try building within that ring of open air due to dwarves not having a valid place to stand.
I think the more plausible solution will come when moving fortress parts are eventually implemented. If you could build a wall above a body of water and set it to be a moving part, then you could lower it into the water from above. After that, it's just a matter of draining or pumping the walled off water out of the way.