I too sank our new Grizzly three years ago. The work to clean a water logged Grizz is not difficult, but, it did take some time. Below is the work that I consider to be the minimum amount of work to prevent future problems.

-I removed the carb bowl and removed water.
-Cleaned and greased the primary and secondary sheaves.
-Removed crankcase covers two and three to remove trapped water.
-Drained the engine and front/ rear differential oils.
-Changed coolant.
-Blew clean breather hoses for the radiator, radiator fan motor, front/ rear differential.
-WD40 electrical components