You seem confidant everything is dry.You can probably demonstrate this to yourself by making a calibrated spark tester. Get a known good plug and bend the electrode out to 3/16 inch. Clamp it to a good ground and remove ONE spark line from a plug, connecting it to your test plug. You should see a nice, bright blue spark on all four lines (only test one at a time, so you don't mess up the firing order, as per above). All four have a nice, fat, blue spark? Water in the ignition system may not have caused your problem; move on to the next thing. That would probably be to pull the plug on the bottom of the carb and see if water runs out. Also check the sediment bowl and tank. Remeber, water is heavier than gas and always goes to the bottom of tank, carb, or sediment bowl. By they way, firing order 1-2-4-3, just in case you goofed (I've done it). One other thing; you say you were loosing lots of oil. If you ever at any point lost so much oil the pressure dropped, or especially if the motor overheated, all bets are off...
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