Yep you could go that route if your comfortable voiding your warranty
Open the drive https://www.youtube.com/watch?v=TGLJi66vxnY
Download Disk Internals Linux Reader for Windows
http://www.diskinternals.com/linux-reader/ and install the program. Hook up the drive to your computer or a SATA dock and copy your data to another drive with enough space on your computer.
Then follow my debrick guide and you should be good to go
http://community.wd.com/t5/My-Book-Live/GUIDE-How-to-unbrick-a-totally-dead-MBL/m-p/435724
