I am in the middle of refurbishing a salt water hurricane flood for a client of mine. Water "only" made it up to the gauges and for a very short period of time, and we knew pretty well what we were getting into from the start. However, we did find several surprising things that I'll share.
There is no saving the engine or transaxle. The salt water did things tot he engine case and trans case that I've never seen before. Literally ate them form the inside out, despite draining fluids and trying to preserve those components very quickly. I, literally, can stick my fingers through the side of the trans case. I removed the oil sump plate from the engine without unbolting it and most of the engine intervals are mush. I didn't bother trying to plot the case and check the crank, at this point I figured it wasn't worth the risk of trying to reuse and we'll do a fresh new engine build.
Wiring looked OK overall, but we cut back wire coating to double check and the corrosion has traveled up wires by several feet.
Aluminum parts polished right up, but chrome parts only appeared to polish up and after sitting amy of them are starting to puff up and flake/peel.
So, in short, my suggestion for anyone considering this would be to look at it as buying a body and if you can salvage anything additional then it's a bonus. Just my $0.02