Katsura trees are said to require moist growing conditions. I am on a Gulf Island. I don't want to water the tree. If the grass stays green in summer does that count as being moist enough?
The Katsura trees I have on one of my strata sites, which has an irrigation system (the tree are planted within a lawn area and get watered as the lawn does), turned color and lost their leaves about 3 weeks earlier than the few Katsuras that are planted in landscaped beds which get longer irrigation cycles. All the Katsuras were defoliated before the Sorbus, Acer and of course the Liquidambar and Quercus began losing their leaves. So the short answer would be, Katsura and drought do not go well together.
I'd think that a lawn not going brown could indicate that the tree would persist. Or you could plant something else. http://www.arthurleej.com/drytrees.html
Yes, Katsura does prefer moist conditions, but I have seen then do ok with minimal water. In Vancouver, there are many Katsura street trees planted in narrow spaces between the road curb and the concrete sidewalk - not great growing conditions. They seem to do ok, but they do drop the leaves much earlier than they should. Katsuras are known for fabulous fall colour, but if subjected to drought, their leaves will start to dry out - thereby no beautiful fall display, which is unfortunate.