We used to use WD-40 everytime on a "wet" distributor. WD-40 has water repellent properties. Get water in there, just spray it with WD-40.
There is no real spark that arcs in the dist. It conducts electricity through contact. Not like your spark plug, since its a resistor that promotes the arcing of electricity to ignite the air/fuel.
Another trick of WD-40 is to spray your quad or motorcycle down with it before going out riding. The mud and dirt will just hose right off with no real scrubbing.
