oil and magneto/flywheel

What you do will depend in what the water was like. Now water clean like tap water shouldnt be a problem if you candry it out properly. If it was muddy stream or river water then the only safe thing to do is strip clean out dry, re lube all moving parts including the recoil spring, a pain sometimes then re assemble Was it running for some time after it got dunked? as an engineer Id not risk corrosion /dirt damage. Jut accept that its a chore to be done asap.

I blew compressed air everywhere and then sprayed a lubricant on everything. I dried out the recoil mechanism on top of my furnace and then gave it a good spray as well.

Does it run ok now? and start as it allwaysdid? Presume it has a sealed HT ignition module, NOT old fashioned points and condenser. Sounds otherwise OK to me. Ted Dorset UK.

Yea runs great now