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I don't have all the answers but am more than willing to offer my two or three cents worth.
I don't mean to be the wet blanket, but with the huge number of bargains out there right now, this house would have to be something special to make it worth your while to go thru the hassle to get it livable again.
Having said that, it is too difficult to give a ballpark figure on a house rewire without seeing the house. A simple 3100 SF ranch would be substantially less expensive than a three story with a dozen "cuts" in the room lay-outs...even with the drywall removed.
To remove and replace all the drywall, all the trim comes off as well. I suspect the city may want you to upgrade to current insulation R standards as well since it will all be exposed and accessible. Some of it will have to be displaced in pulling the new circuits anyway.
Perhaps visiting the Newport News Permit Office may be time well spent. It is unlikely this is the first house they have had to deal with since the CD problem was discovered. They can probably offer you some advice. Tim