One thing that can happen if it is not dried out thoroughly is that corrosion can start in behind the dash top where water flows down the bulkhead and if yours has the fixed rubber floor mats corrosion can set in, under the mats in the footwells.
Drying it out after rain can be helped by putting it out opened up in the sun and lifting the mats by jamming used water bottles under them to allow some air circulation.
I've never come across electrical problems due to this roof leaks however that does not guarantee that it won't happen - again corrosion in spots and connectors where it is hard to dry them out is the most likely potentially damaging result.
Installing a new soft or hard top can be a very cost effective action if long term use and ownership is planned- probably cost you less than $1500 either way
Some owners reproof the canvas with a Lyddys compound but it is only a short term fix and it sounds from your description thhta it has gone a bit too far for this to be effective


				
				
				
					
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 - probably cost you less than $1500 either way

				
				
			
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