Glad you got it sorted out; and glad you let us all know what it was.. I'd have never thought of the voltage regulator myself. Something to remember next time someone has an odd "fuel" problem.

Glad to hear you found the issue. Good info to know going forward. Nice work !!

Try to get the drill as exactly on center as you can. If you can get hold of a reverse twist drill bit use it. If the stud comes loose while drilling a reverse twist bit would back it out on its own rather than running it in deeper.. I have a set of screw extractors wit a reverse twist drill bit on one end and a conical extractor on the other . If you can find a set of them , they are ideal for that job.

OMG - UPDATED Put in the new voltage regulator in today, the motor started quickly with the right amount of choke/enricher employed....took maybe 5 cranks or less. The motor had been sitting for several days, so it was as cold as possible...let it warm up for a minute and played with the throttle and once warmed it didn't hesitate . It kind of makes sense I guess....if the magneto is giving the voltage to the regulator, the regulator in turn feeds the coil (or goes to some CDI component elsewhere), then having a bad regulator would affect the spark.

It may be just the relay that you changed, so might not be your issue. Looking at this parts diagram I don't see a separate switch. https://www.suzukipartshouse.com/oemparts/a/suz/50d0a5def870022c2c534c66/wiring-harness-model-x-y

I just went to home depot for something else and forgot to pick up bolts! Damn... It is amazing how they rust and corrode. Good tip, thanks!

This is exactly what probably happened and has happened to me a few times. There should be a plug to release the water on the bottom of the belt housing. See #4 in the diagram below: If you need the manual, there is one here: * Manufacturer and issue added to topic title.

Your revs going up and no drive power to the wheels was because your CVT transmission belt and clutches got wet. It doesn't take a lot of water entering the housing and wetting the belt to make it slip . CVT transmissions drive on the sides of the drive belt .. Since the clutches are smooth, they lose grip on the belt when wet ..As soon as the clutches and belt start drying they regain their grip. A worn belt will slip much quicker than a new one since it is narrower due to the wear on the sides as it is used. Definitely check all the fluids for water that may have entered through the various vents on the differentials, transmission and motor.

I would look into all the fluids, oils etc see if any water got into the crankcase or through the air filter and any other oil filled parts of the bike, maybe change the fluids anyway just to be safe. Only other thing ithats left is electronics check all the plugs maybe open them up and use a leaf blower to clear any residual water from the fuse block and all electronic parts.