I am not aware of a technical paper on the matter but I can confirm that you are right in your main idea.
Bearing load is the most important factor. Immagine the difference in specific weight between a gas and a liquid. Most compressors are designed to take bearing loads that correspond to an operating range close to BEP.that means that shaft support surfaces are designed to closely match the expected load. Not too small a support area as this would cause the oil film to be broken, not too wide as this would make the shaft behave unstable on the oil film due to too light a load.
Increased load due to increased specific weight will cause the shaft and bearings to run into each other. it will cause the impeller to run out of position and possibly touch. But most likely what will happen is that the impeller to shaft connection is not strong enough and will snap.
Note that my experience is with high speed centrifugal compressors. I once had the question how much liquid can the compressor take? If liquid comes in as a mist or droplets the compressor will see it as an increase in specific weight and load will increase accordingly. the unit can accept this within the limits of the design. However a glut of liquid entering an impeller running at high speed will have the impeller almost stop at entry anything goes at that point... bent and snapped shafts ... ripped off blades melted bearings...etc etc...
I like to think in analogies: Immagine waving a paddle through the air, no problem Immagine waving a paddle through the air while the fire department is exercising and spraying a heavy water mist, This would be more difficult. immagine slapping a paddle as hard as you can on a plain water surface, if you have enough power the paddle will snap.
Best Regards
Scalleke