You could soak it for longer than 30min without harming it, I'm sure.
If it were myself, I'd basically give it as much as it wanted until it started appearing visibly less wrinkled, maybe even downright plump. Like an hour or two at a time, however many times over a couple of days as necessary.
I'd do this before potting it, because the plant will dry off more quickly in bare air.
It's not the soaking and/or immersion in water that rots these things, it's the constant (days/weeks at a time) wetness and anaerobic conditions.
Once it's plumped up some, that's when I'd pot it in medium that already was soaked and drained. As you say, the next thing would be to just leave it without watering for a good while.
Though, you could probably water the pot from the bottom once in a while, not so deeply that the bulbs get touched by the water. The roots, when they start growing, will seek the wetter, lower parts of the medium. If they don't find anything but dryness no matter where they point themselves, it will take them longer to get it right.
BL
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