The best I understand is the K+ in plants regulates the effectiveness of water consumption, transportation of sugars, and has a role in protein synthesis. Also has a hand in the assimilation of Nitrogen and Phosphorous. I do not know the specific mechanics so this answer may not be of much help but I hope so!
K+ plays a very important role in osmotic adjustment. Higher its level more would be the osmotic strength and accordingly increase the potential of cells to maintain or increase/uptake water. Hence, excess of K+ will reduce the loss of water from cells/plants under dry conditions. To the best of my knowledge, no negative aspect of excess of internal K+ (unlike other essential metal ions) on cellular metabolism has so far been reported by anyone.
K+ also contributes to the efficiency of the guard cells, and therefore to stomatal conductance. Efficient stomatal conductance can contribute in a plants fitness against drought since it can regulate water loss.