If it feels good, do it!
If it doesn't feel good - nausea, dizziness, chills, if you stop sweating, any other signs of heat exhaustion - then STOP and douse yourself with water, cold water if you have it - and don't ride in that heat until you figure out a way to do it without suffering heat exhaustion.
On the motorcycle in hot weather, I rely on an evaporative cooling vest. I don't know if you'd get enough air flow on a bicycle to make it work, though - anybody know? In any event, carry LOTS of water (sounds like you already are) and use it to hose yourself down as well as to drink.
If you're sweating out that much, be sure to replace electrolytes, particularly sodium - not just water. That's very important.
Speed comes from what you put behind you. - Judi Ketteler