I cut off about 3 ft of wire from the outside because it was split in places and could see green corrosion in other places.
Do you mean in the pit?
Could short out tomorrow, next week or a year from now. I would love to pull out the wire from the original conduit and snake new wire right in. Would be a lot easier.
The fact that you see conduit at each end does not mean there is conduit in the middle. Once you are 2 ft down, it could just be wire with no conduit.
Try your ohmmeter checks. Even just the resistance to earth ground to the isolated wires will be useful. There is a more-sensitive type of ohmmeter called a megger. It uses higher voltage to measure leakage resistance. It can detect an almost-touching situation that a multimeter can miss.
My pit had three wires running to it, because at an earlier time there was a 3-wire pump. The 2-wire pump was and is connected with two wires, and the third one is taped up for potential future use. Many think the well people should have used that third wire as a ground wire. It doesn't bother me. I felt my steel well casing was a good ground. I will stop here.
A 3/4 HP pump will be more than 1.1 ohms across the windings -- more like 3 or more. However general multimeters are not that good at measuring very low resistances.