I once refurbed a roof motor from somebody else.
The only thing I did was dismantle the pump on top, and then run the electric motor for a while submerged in diesel (to get most of the rubbish out and diesel is a light oil ofcourse so it prevents/dissolves some rust).
Some pics:
Before
the inside of the pump:
the electric motor side with the pump removed:
Cleaning: (the diesel was already a bit dirty so thats not all residue from the motor)
[youtube]Dz2EYAfpDT0[/youtube]
But realise that not all corroded motors are in the same shape. This one was still pretty good (and it was easy to get running again), but some motors are in worse shape.
But if it runs again, and you give the bearing on the bottom side a drop of motoroil again, they're good to go imho. Just not as pretty anymore

You can't dismantle the electric motor itself, unless you pry small metal tabs open, but it is a 'clunked' case. So closing it that it will hold may be difficult.
Be sure to submerge it completely in diesel before running, and when done first disconnect the battery and then take it out, or it can catch fire
