<VV> Water in Distributor?... or FRIED Ignitor?!?

[Blaine Sanders]

Friends,

I'm running an Ignitor electronic ignition module in my '63 Spyder.  Last
Friday I steam-cleaned my engine compartment, being careful not to hit the
distributor directly with the spray.  It started right up & drove home
perfectly without a single sputter.  The next morning I hopped in to take it
around the block.  It idled OK (just a little rougher than normal), but when
I mashed the gas, it coughed, bucked & sputtered something fierce.  It's not
the first time I've had water under the distributor cap, but I've always
been able to solve the problem by popping the cap and either letting it air
dry, or using a rag or paper towel.

This morning I popped the cap and let it sit all day long in my 120 degree
garage.  Just now I went out and replaced the cap and took it for a test
drive.  It's still sputtering & coughing like mad.  I can't believe that
there could still be a single molecule of water left in there after sitting
in the hot garage all day long.

Is it possible that I've fried the Ignitor module???  I sure hope that's not
the case.

Another question:
While I was fiddling with the distributor, I also noticed that the
distributor shaft moves up & down and 1/8th of an inch.  Is that normal?  It
doesn't seem to me that it should move more than a 1/16th or a 1/32nd.  I've
always had a random miss that I can't seem to get rid of... could this be
the cause?

Thanks for all your help!

Blaine