No, you can do that. There are standard setups for measuring conductivity of electrolytes. Measuring noise refers to measuring fluctuations in voltage drop, however. From an experimental point of view, you need to be clear what you measure. From a theoretical point of view, I think the conductivity is used to express the fluctuations, and, is a more convenient quantity for calculations. Nevertheless, you need to be aware of the physical connection between what you measure and what is used in calculations.
But, when you say water, you have to bear in mind that pure distilled water is actually a very good insulator! The conductivity of an electrolyte is strongly dependent on the concentration.
You asked a question if the spectrum of Johnson noise would change if magnetic field is applied:
1) As far as I know, Johnson noise is specifically referred to metal conductors, where the charge carriers are free electrons. Electrolytes are radically different than this. Therefore, one should not expect the white spectrum to necessarily hold for electrolytes, although it might.
2) Magnetic fields affect ions differently than free electrons, mainly because of the large mass and low mobility of ions.
So, I just wanted to point out these differences.