Dave, take the plastic magneto cover off again and give everything under it some quality time with a hair dryer.
water will conduct electricity and send it palces you don't want.
Don't get close enought to melt anything though....if you are lucky you can then spin the engine with the plug out (but grounded) and see a spark. I don't have a moto...can you see the points in there. Are they clean? are they too worn??
wait for other answers, too.