All I can say is best of luck with it. If it were mine I might work on it, as my time is free, but I would not put any real money into it. If the engine was submerged even for 5 minutes, water got everywhere. And since it has such high mileage, I would not consider it to be worth spending a lot of money on. You would likely be throwing away money that could go toward getting another bike. If it were a classic collectors item it would be a different story, but nice used 1500s are readily available. And if you want to go to the trouble, you can tear it down and sell the good parts on eBay. Just my opinion.