Parker.........keep yer itchy twitchy fingers off'n them handy-dandy carb tweek'ums. They aint'chur problem as described.
You do know that 8N's had 2-different dizzys, don't you? The weird 4-nipple frontmount and the more common looking 5-nipple sidemount. Since you mention gittin' water in the cap, I'm gonna make a WAG (wild A$$ guess) that you're talkin'bout the 4-nipple frontmount.
You do know ittza 2-bolt 15-min job to remove the 4-nipple dizzy and change and adjust the points (0.015") on the kitchen table, don't you??? Just un-snapple yer capple and letter dangle.....installation is a reversal of the removal ...except... finger start the 2-bolts, now install the rotor and rotate the rotor until the OFFSET drive tang fits the OFFSET drive slot in the end of the camshaft. Now tighten yer 2-bolts and re-snapple yer capple. Simple, eh?
HOWSOMEVERS: you say you replaced yer plugs. (AutoLite 437's gapped 0.025" recommended) Check yer firing order. 1,2,4,3 CCW. Many neubie shadetree mechanics often gitt sparkie wires 4&3 reversed. The N-Engine is SOOOooo GOOood that it will start and run on just 2-sparkies without much power, just as you complain. ........Dell, yer self-appointed sparkie-meister