It was embarrassing also... but that's another story.
I am trying to think of what will kill a spark on these point's type ignitions when wet... and I can only think of a few things.
1. Inside the distributor. If you did spray the inside with WD40 you need to really CLEAN and DRY all the nooks and crannies. Also BLOW out or use WD40 and then blow out all the moisture in and around the breaker points and condenser. BEFORE reinstalling the cap... have someone crank the engine and SEE if there is an ARC jumping from the points operating. If so, go to step 3.
2. If no spark at the points... we need to pursue the problem BACK towards the power source with a Voltmeter. (The points supply a GROUND potential to the Coil) Go to the coil and test for +12 volts on each side of the coil terminals with points OPEN and the key in the RUN position. Pursue back towards the ignition switch if voltage is not present. More later if this is the case.
3. Reinstall the cap and rotor and try again. Use ETHER down the carb to assist as its easier to catch fire than gas. If no HITS at all, pull the ignition able to and with a small screwdriver, insert it in the end and ground the shaft on the cam cover, while you HOLD the HANDLE. Have someone crank the engine and lift the screwdriver about 1/8 of an inch away from the cam cover and watch for spark. No Spark? Change out the harness, cap and rotor while you are at it... as some moisture has most likely gotten into one of these components and is causing a problem. You can do one at a time... but I would "wholesale" it to be done with it. Install new plugs while yur at it.
Your turn, I'm getting cramps. Call if you like 9 - 9, 661-296-7277. HTH