I wonder if the water-cooled cylinder set-up was a Mugen kit? Johnny O'Mara ran one on his Mugen Honda MX bike.
Yeah, never remembered seeing one with spoked wheels but it makes sense. First Honda production stink wheels I really remembered were the RS250 and the RS500. I had the original brochures for them up until a few years ago. The RS125 came in a few years after if I remember right. First time I really remember paying any real attention to them was Sam Yamashita doing the hard sell in maybe 89 or 90. I think Del Giudice had one around that time.