Chris,
You might want to back off on the hammer stroke length. Sometimes when higher power is desired, and hammer spring is increased, AND hammer length is increased. The hammer actually has less distance to the valve stem at rest, and there isn't enough distance between the hammer and valve stem to build enough momentum to open the valve. Keep your hammer spring where it is, and reduce the hammer stroke length. If this does not work, make sure that you adjust your transfer port to 3 turns from the bottom. Keep in mind of the grub screw when doing so.
Another possibility is that the valve spring is too strong. Most of the time. I have discovered that whether or not you want high power, or a lower power, a light valve spring is desirable over the stiff factory valve spring. The other factor as mentioned above, is a damaged/broken/bent valve stem preventing the valve from working properly. If you take the valve out, take it apart, remove the valve spring, and make sure the valve moves freely in the valve housing. If it binds, the shaft of the valve might be bent, or might be in need of polishing. You did say that there was evidence of moisture/water inside the gun. This is a very possible culprit.
Tom Holland
Field Target Tech
Fieldtargettech.com