I normally don't cut wet grass but I was away from home for two weeks, back home for two days and then had to leave again. The forecast was was for more rain so I decided to bite the bullet and cut the grass while it was still wet. It was about 6 inches long.
Here are my findings:
1. Forget about using the mulch or bagging features. Everything clogged. I dug out the plastic diverter that came with the lawnmower and put it on. Good thing I didn't chuck it away. It kept the " side door" open and allowed the grass to be launched sideways.
2. I changed the spring on the carb to the 2nd position on my Honda GCV 160. Someone else mentioned you can get more RPM by doing this and it's true. That 2nd hole is not there by accident.
3. Watch the discharge. If it stops, you might as well stop the engine and clear it out.
4. Safety tip: Don't clear the the diverter using your hand with the mower running. I know a guy who can only order 3 beer because of this.
5. Take a smaller bite with the mower. Takes longer but you don't have to clear it as often.
6. Your lawn will be covered in clumps of gas. Run the mover over it if it ever dries out.
7. Wash the underside afterwards. It will be packed with wet grass. 

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