It could be that the plugs are fouled. Did you run it after it had no RPM's, with new plugs the second time. If not change the plugs again and see what happens. It might be just a fouled plug causing the problem. Check the water regulator also to see if it is plugged. Water leaking through that weep hole is a sign that you have blockage in the orifice connector below the regulator. Disconnect the hoses, remember which one goes where, and then un-screw it off the tank. Then, with a wrench, remove the brass fitting. This is the part that will probably be stopped up. DO NOT CHANGE the setting of this regulator. This valve can cause major engine damage if not operating properly. Clean it and reinstall it. It sounds like it is either the water regulator or fouled plugs. Keep us posted on your progress.
Karl