I'd check the spark plug wires, where they connect to the plugs. Older rubber doesn't seal as well, and it's possible either the boot is still wet, or the connection between the boot and the wire got compromised.
Easy enough to check: pull a spark plug, connect the spark plug wire, press the plug to the engine case with an insulated object, and crank the engine. If you see a spark, check with another plug that's connected to the other coil. If both spark, then your ignition is good. If not, then you'll need that in order to make the 4 Horsemen (suck, squeeze, bang, blow) work.
I don't think there's a whole lot else on the bottom part of the engine that has to do with ignition...unless somehow you got some water inside the side cover where the points are.
If you're smelling fuel, it's possible the plugs may be fouled. Pull one, and give it a good visual inspection. It doesn't take a lot of fuel to mess these plugs up.
Hope this helps. Keep us informed.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.