This is a topic of great debate among early sporty riders as well . . . and given the overall clutch design didn't change dramatically from the K to the early sporsters, you may find this link helpful:
http://xlforum.net/vbportal/forums/show ... ?t=1690249When I assembled my 59H, the good doctor helped me sort out how to keep the clutch dry. The previous owner had installed barnett wet/dry plates and did a horrible job sealing the clutch basket -- RTV and over torqued mess. It was a terrible clutch and I seriously debated getting an "upgrade."
I was then taught the first rule of owning one of these bikes is: "When in doubt, do it like the factory." So, I decided to listen to the ghosts of harley engineers past and get down to returning her to as built. After sorting the clutch, cleaning the fibers and buttoning it up -- it became a lovely piece of kit and I've had zero issues in thousands of miles of hard riding. I can find neutral at any speed, launches are easily controlled, and I can speed shift with ease up or down the range. All of these things are related to the interplay between the clutch, the hub, and the transmission.
It takes a certain amount of dedication to keep the clutch dry, but you can do it. There's no need to resort to modifying a great clutch pack for what amounts to a few simple fixes on a rainy afternoon.