I deal with this kind of stuff all the time. That one doesn't look bad at all. Personally, I would scrub the damaged side of the board with a water/detergent mix with a plastic bristled brush, like a tooth brush. Sometimes this takes more than one wash. You CAN be fairly aggressive. Follow that up with a thorough rinse. Dry with compressed air and heat of you can. Setting it in the sun for a couple of hours is good. If there are components that you know that you are going to replace (like that 8 pin SOIC) or components that can't or shouldn't be washed (relays, electrolitic caps, etc.) I would remove them first. I also have an ultrasonic cleaner with my own concoction of chemicals for cleaning PCBs with very fine pitched components, but that wouldn't be needed here. Don't worry about using lots of water, chances are the PCB assemblies were cleaned with hot water after assembly. As for the caps or other passives that may have slightly corroded terminals, I wouldn't touch up the solder unless you plan on replacing them.
From the looks of it, I doubt that you have any damaged traces. In my experience, you only get significant corrosion (in the case of water damage - no battery acid) on pins with power applied, or sometimes ground connection. Normally the damage results from electrolysis on the power pins of ICs, and people figure it out once the device stops working. The worst if if they are allowed to sit wet for days or weeks with the power connected. Often that results in the power pins on connectors corroding off, ending the electrolysis.
Personally, I would NOT apply conformal coat. I honestly hate the stuff... You are better off just not letting it get wet to begin with. In my experience, unless the PCB assembly is dipped in conformal coat, water will wick under components, even through wires or connectors, and the resulting corrosion will be extremely hard to repair as first you need to remove the coating, then fix the damage. Whatever you do, do NOT put on the conformal coat until you are 100% sure that your repair is complete.
You would be amazed by how bad a circuit board can look, yet be brought back to life. I have had a few with corrosion and mold that looked like write-offs, but with a hour or so of work ended up looking and operating like new.