I can't tell precisely from the picture, but, it looks as though you may have the fork gators on wrong. The "seams" should be oriented to the rear of the bike, and the weep holes on the bottom pleat, not the top. That allows moisture to drain out.
Could be the pictures, but you do want to verify that installation...
Thanks for pointing this out. I haven't yet stretched the gators onto their seats, so I'll be able to turn the seams to the back. However I'm unsure about the gators being upside down. You mention the weep holes need to be at the bottom of the pleats. That makes perfect sense to me and mine are in the upper part of the pleats, so I was initially convinced you're right.
Then I googled a few photos and it seems like the longer cuff (as shown below in a gorgeous photo from the SOHC/4 Gallery) is always at the bottom, as I've installed mine.
Is it possible that the weep holes are not for moisture but for air to exit/enter when they're compressed/stretched? If so, it would make sense for them to be in the upper part of the pleats to hide them and allow less moisture in.
If I need to flip them, now's the ideal time, so any advice you or others can offer would be much appreciated.