i hear you can damage your lights and make them dimmer/shorter lifespan. besides, having water droplets on your leaves acts like tiny magnifying glass that will burn your plants. so sometime before the light comes on i think is the best way to go.
Yea, lobsterman is right about damaging your lights. Might even explode if they're hot enough and you get enough water on them. Definitely raise your lights when misting, I've got mine on a gutted $3 window blind for that purpose (beats $30 for a light hanger)
It shouldn't matter if your misting them, ive sprayed my plants plenty of times while the lights were on. But it kind of varies when your talking about lighting, HID lights can get damaged by moisture easily, but fluorescent lights aren't effected, even when you spray directly on the bulb. If your vegging with a metal halide, id just take them out of the room to spray them.
Strong fertilizer solutions may be more likely to cause burns with lights on, but I foliar feed my plants all the time (teas also) and don't have any problems. Lights off included, but you should always have at least a small fan circulating air even with the lights off during flower. Unless I am spraying a tea, I add a wetting agent (Dr. Bronner's Magic Soap). Certain fertilizer/supplemental products already contain a wetting agent, yucca extract is a common one.
Also good to get the tempered glass lens with your reflector if possible as it will help prevent damage caused by moisture, and also allows you to put your lights closer to the plants.
You can spray your veg plants whenever you want as long as the lights aren't at running temperature. You don't want the magnification effect (explained in previous posts) and you don't want to accidentally spray a HID bulb cuz it'll explode and that's no fun