SWIM has finally begun full experimentation with this. He only recently confirmed its validity as an adequate method recently while using orange oil collected from an air freshening spray. Here are his observations and confirmations thusfar:

-the basified material absorbs moisture extremely well and need not be dried.
-a rag over top of the material isn't necessary, as it is with dry materials, and may hinder the process.
-the material should be stirred while in THP to speed up the process.

So far, this is the easiest and possibly most efficient way SWIM can imagine doing this; it requires no manual filtering or decanting, and all steps of the extraction process can be accomplished within THP.

SWIM has only tasted the fruits of success on his first, small-scale experiment and will report on the results of this one when available. He is using food-grade d-limonene and Trichocereus Peruvian.

If anyone else tries this and finds it to be more or less favorable for such extractions, post about it here.