Plug readers: What would you do??

That first plug has iron oxide, (rust)
Water came from somewhere ??
You must be an unleaded fuel newbie. Unleaded plugs show a greyish tinge, while leaded fuels left a tan color. To me the brown indicates leaded race gas and quite rich. Rich will cool and slow the combustion.
I would try water injection, a couple of degrees more timing and reducing the jets one or two sizes.