A few weeks ago I pulled apart a 3 HP motor that was in a flood a couple of years back and had been left standing thereafter. The tide mark was half way up the rotor and it was still damp inside.
Hooking the stator up to an old battery charger (good for 4 or 5 amps) for a week sorted the insulation resistance. Cleaned out the rust and silt, fitted new bearings and terminal studs (these were steel) and it now runs silky smooth.
The only hiccup was failing to notice that the two bearings were not the same so had to exchange one – for which a public thank you to Simply Bearings for making this process easy and simple.
In conclusion I would suggest that your motor stands a good chance of being resurrectable. In my opinion you don't need ovens, de-humidifiers or any other fancy equipment unless you are in a hurry. Just be careful not to damage the insulation when pulling it apart.
Mike