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Yes, people refurbish them all the time (with varying degrees of success of course). If you catch them early before any of the inner coating fails you might have a chance. Otherwise you're already dealing with an oil-soaked unit that won't hold a coating.
I'm not sure why anyone would even attempt that though. Even if you get lucky enough to catch things early, you will always be relying on the integrity of micrometers worth of coating to prevent oil contamination of the magnesium and oil leaks. And if you ground the ignition coils properly, you've already compromised the coating. Magnesium is just the wrong material for this component.
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