If you pull off a cover , and nothing is wrong, it cost you a gasket and you can sleep at night.
If there was moisture in the cases, it will ruin the mains, I know what it looks like and every bearing in the transmission, while they may turn, can wear out very quickly.
I have a border line one like that.. Mains need replacing..tranny, i be taking a chance.
Quite honestly the white splotches in the lower part of the chain cover scare me..if that is a part of the engine that should be sealed from outside.
And you mentioned some wiring corrosion or issues.
There is flood bikes in Calgary, my buddy got offered a Buell ..cheap..I told him..its got to come completely apart..
I tossed a Nighthawk, very clean bike, must have been near a sprinkler..mucho water inside the lower end.
Back to when you got it, did you drop some oil out the pan? Was there water ? First thing the y usually do, is change the oil.