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It'll dry out eventually, but some water displacement spray like WD40 or GT86 could come in handy if there are any wet connections.
I take it the back of the lights are dry?
I wouldn't strip the shell back completely, just repaint what's needed to sort any chips/scratches/rust and whatever.
Remove all running gear, replace bushes and underseal the car while everything is off.
Getting someone to do you a full new wiring loom will probably be nearly £1k on it's own...
It means getting the timing adjusted to a certain degree of advance/r****d to the same spec as the group n clio tarmac rally cars were set to.
It takes someone who knows these engines though, not your usual backstreet garage.
Some good power gains can be had.
Could try and negotiate some sort of discount if you point out that it shouldn't have failed at 40k.
Most modern cars should see 80-100k easy with typical driving before needing a clutch.