My brother has a 73 cb350 that was running beautifully until he had to ride it in the rain without a rear fender. I believe he might have also ridden in the rain without a front fender as well. It is his only transportation so it couldnt be avoided. Needless to say he had some electrical issues afterwards and has since replaced the entire electrical system, as much to eliminate future problems as resolving the present one.
Before messing with the electric his bike would lose all power above 4000rpms. After the latest electrical work, new coils, cables, caps, plugs it gets to 6000rpms before losing power. He spoke to someone today and is thinking about investigating the points next. If anyone has any suggestions for him it would be greatly appreciated.