Re-wiring a boat?

I agree with some above, check connectors first. I did a lot of wiring on my last boat, and will need to do so on the new (2003) Grady White. You can rewire major components a few at a time. Even with my experience, I don't think I would take on a full boat rewire (to me that means every single wire is replaced), on my own.
 
Hurricane Ian sunk her. Therefore getting ready to somehow beat the wire wicking problems!
Oooff. Well, that's no good.

Truthfully, I think you'll be OK. Wash everything down with fresh water and then spray WD40 everywhere (this is actually the CORRECT use for WD40!). Spray it again the next day. And again the following day. Clean every contact you can. When you're done cleaning, a good protectant spray like Boeshield T9 can be used everywhere. Chances are much better than not that it will be OK.

I lost a small outboard when it came off the stern of a skiff a couple years ago. Had to wait till low tide the next day to find it. Immediately dunked it in a barrel of water for a day and then did similar things as above. That was about 4 years ago and it's doing just fine.
 
Oooff. Well, that's no good.

Truthfully, I think you'll be OK. Wash everything down with fresh water and then spray WD40 everywhere (this is actually the CORRECT use for WD40!). Spray it again the next day. And again the following day. Clean every contact you can. When you're done cleaning, a good protectant spray like Boeshield T9 can be used everywhere. Chances are much better than not that it will be OK.

I lost a small outboard when it came off the stern of a skiff a couple years ago. Had to wait till low tide the next day to find it. Immediately dunked it in a barrel of water for a day and then did similar things as above. That was about 4 years ago and it's doing just fine.
The time that a motor or a hull is underwater is important but not nearly as critical as the time between when the hull is 'salvaged' and when the rinse and motor service start.
I will add one caveat to that statement; Electrical things as well as electronic things have a better chance for recovery if there was no power present when they sunk.
 
Thank you for the encouragement! Right at this time we have no water in the storage yard. Due to hurricane Ian! May have to bring the boat elsewhere! Will get lots of WD40 and Boeshield T9.