How much loss should be there in 1/4mile time and speed
if the track is wet or there is puddle that tires have to go though even before the track.. Doesn't this affect traction negatively? Let me know.

 

Too many variables, like how wet the tires got, which ones got wet, etc. to be able to figure that out. That being said, no dragstrip I know of would willingly let people race on a wet surface like that - it's dangerous and that's why they have track dryers.