I recall doing a 'back of an envelope' calculation about how far from the person in front it was prudent to ride in poor conditions, from a 'water and mud in your face avoidance' PoV. My maths suggested:
Leave a distance between you (ie your front wheel) and the rider in front's rear mudguard, 5 times the distance between the bottom of their rear mudguard/flap and the road surface (or 3+ metres if no guards). The parameter was to avoid 'spatter' above (the following rider's) handlebar level.
At what speed did you set the calculations on?