I took my V8 110 through almost bonnet deep water several times and it was fine, all I used was a very good coat of silicone grease spray stuff, I forget the actual name of it.
Sprayed it on everything, both ends of the leads, the dizzy and the coil.
I did have a snorkel fitted though, without that I would not have been as adventurous/stupid (it was water that killed the 110, but thats a different story) I also had a leccy fan which i could switch off when going through deep water.