Hi,
Yep. Those fiber discs react to water in much the same way as pelletized animal feed or a cardboard box - once it gets wet, it's done for.
The steel discs can be fixed as long as they're not warped or too rusty. After cleaning them up, measure them at several points with a micrometer to make sure that they aren't too thin. I've seen the measurements on the site, just can't recall where offhand.
The height of the fiber and steel disc stack (I call it a 'crawler sandwich') is important. If the steel is too thin, then you won't get the hours of wear that you should. Then, you'll be back into the job sooner than you'd like and cursing your shortcut - don't bother asking me how I know about that one!
Oh, and don't forget the new brake bands too. I find it even more frustrating to have to pull the final drives off because the brake(s) quit and the clutches are still working fine! Don't ask me how I know about that one, either!
Actually, just buy two new sets of fibers, steels and brake bands and be done with it all the first time!
Stan