I have found that some researchers have determined water soluble Na, K, Ca and Mg through 1:5 or 1:10 (soil:water) ratio extract. Is this method reliable?
Because preparation of saturated pastes is seriously time consuming and requires a skilled analyst, many estimates are based upon (say) 1:2 suspensions. The narrower the ratio the closer the result is likely to be to the paste method. You may need to do both if you want to justify the simpler approach for your soils, unless this has already been done!
Determination of soluble cations in the saturation extract is generally followed for salt-affected soils. Other than these soils, soluble cations can be measured from !:2 soil water suspension. Methods are available in book on soil chemical analysis.