You know my fuel line came loose while riding to work the other day, and some how the magneto was full of gas! The gas was blowing back not forward, but go figure! , in answer to you magneto question, yes if h20 came out of it, then it is fried. did you get your powerking from justblissfull on ebay? or pk themselves? they should get you one if you call them or email them...good luck and again sweet ride!
My Grandma lived in Pacifica, and the middle picture (the big rock center frame looks like the one I nearly collided with body surfing as a youngster) sure reminds me of the area just south of there, on the scenic route to Santa Cruz.