I picked up one of these lights awhile back, also inoperative, and have tried to revive it. The head in my light is fine, but the problem lies in the electronics located in the battery can. From what I can tell, one of the inductors was damaged, and a fet was fried. With no support from Niterider, I tried having a local shop replace the bad components, but didn't have much success. I could get the batteries to charge properly, but it would not light/switch correctly.
From what I understand, this light needs both the pcb and switch in the head, and another board in the can to both work with each other for the light to work properly. The board in the can both regulates the charging of the batteries, and driving the output of the light (on/100%/50%/off). There is the magnetic switch in the head along with the leds (3x SSC P4's, I think).
I've also toyed with the idea of using it with an xml with ahorton aspheric, but not sure there is enough space without machining down where the P4's were heatsinked. Assuming the innards of the head are toast due to the flood, and that you're moving on to trying a different led/driver combination - you'll likely not need the driver board in the can. I'd be very interested in it, if you plan on pitching it out.
Either way, I'm interested on how you progress on this. Best of luck.
Mike