Whether it's salvageable or not, I want to see it disassembled and cleaned up just for forensics sake. I have cleaned up rusty water pumps and such by just submersing crap in pure Muratic/ pre-diluted hydrochloric acid. Find out what the magnetic gap is, and cut/ grind down a feeler gauge to form a slim pick to clean out the crud. A stainless steel cup rotary drill wire brush should work great.
An acid will remove some good metal, Though. It would be better to use something like Evapo-rust. It's more expensive than acid, but safer for the driver, and safer to handle.
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