Water in Distributor?

Made a dumb mistake past weekend and forgot to re-connect one of the engine water jacket hoses on my MC X-5 Direct Drive after unwinterizing it for a day of boarding. About 5 minutes after heading across the lake from the ramp, looked down and saw water coming up through the floor. Immediately, I remembered that I forgot to re-connect the hose, thus taking on massive water. So I turned off the engine, reconnected the hose, and then ran the bilge for 10 min to get all the water out.

Problem is that at riding speed, the engine is running rough and doesn't appear to be firing on all 8 cylinders. Hard to maintain speed and the engine surges up and down. At low speed and at transporting speed (35 mph) engine doesn't miss a beat. So, is it possible my distributor got wet b/c there was water about half way up the side of the engine or could this be something else.

Anyone that can offer up any ideas would be greatly appreciated. I'm also going to change the spark plugs and run some fuel injection cleaner through the tank as both of these need to be done anyway. Thanks.