wow OK thanks yes this is very helpful... less water and less often

so I don't need to be concerned with losing any of the 'magic' contained in the excess drain water? that was my main concern that I was washing the 'good stuff' out of the soil and losing it...
If you really have any magic in there, it won't get washed out, as it is bound in the microbe's bodies and the organic matter, as opposed to soluble nutrients poured on and totally prone to getting washed out.
But if your soil really is driven by microbial action, you shouldn't let the soil dry out either.
Because the microbes will start enveloping themselves in hydrophobic protection films to prevent their drying out, and it gets really hard to rehydrate soils like that.
Also, they will go dormant, and it takes alot of energy to come back out of dormancy, so they won't just switch back and forth between dormancy and active states. Also, you want them working all the time,mining those nutes, not spending most of their time deciding whether to live or die lol
I was recently discussing "wet-dry" cycles with an organics friend, seeing as we both had had to relearn watering, and came to the conclusion that it does have its place when you're just using an organic substrate and then go to bottle feed.
It does however interfere with the natural processes so if you're relying on those, it's advisable to keep that soil more in a steady state of just the right amount of moisture.
So, how you plan to use the soil will clarify how you want to water it - wet-dry or steady moisture.
As for reusing the runoff, I can't say I've heard of anyone doing that.
LOL I've done that, when trying to rehydrate soil gone all hydrophobic, I'd keep pouring the water back through the dirt until it actually sucked it up.
Not something I do on a regular basis though, especially not with water that's been sitting and not getting sucked back into the pot. When that happens I discard it too
Cheers!