Sounds like you are on the right track.
Other options would be tucking whole cardboard along the sides and then removing it after it is wet. Or dumping the bin on to cardboard for a bit. Then putting it back into the bin. The cardboard will dry and can be used again.

I think you are on track. Wait until there is no unpleasant smell before you add worms back in.

You might find that your bin is full of coccoons.You might take a look. I'd think about just filling it up with cardboard and paper and stirring it all up to control the moisture issue and then ignore it for another month or so.YOU might be surprised at the number of worms.

These sound like great suggestions. Thanks!

You said you had another bin to harvest; do you usually split the worm herd when you harvest? If that is true, then now is the time to add the worms to the "stinky" bin and let them fix it for you. Just add the carbons like you said you were going to do and the worms will do the rest. Obviously you know how to care for worms or you would not have a bin to harvest. You know that this bin got too wet and stayed that way too long. We all learn something when we share.

Hi Steamyb,

This is actually going to be my first harvest. I started playing with worms in October, and set up my second bin in February. I was thinking that since the dead bin is fairly full now with all the new bedding that's going in, I'd throw in a chunk of the worms from the live bin, leave the bin well enough alone for a while, and use the rest of the worms to start a fresh bin. I'll probably harvest next week, weather permitting, in the hopes of giving the dead bin a little time to recover.

So the bin you started in October was split to make the bin in Feb? Is that why you have never harvested a bin?

Yep. The October bin was getting full, and I wanted to let the compost finish off in time for spring, so I split everything up. It's been pretty slow going, since I keep the bins outside during the winter. It rarely freezes here, but I did discover that fruit I threw in the bin during the winter kept better in the bin than it did in my fridge...

Well, it sounds like you have a plan that will work to me. And good luck with those squirmers!