Re: Water leak drying time.
The answer is . . . it depends.
It depends on how long the leak was occurring, how long it was wet, and how deeply the water penetrated the framing.
For a minor leak that dampened sheetrock, but the framing is relatively dry, you can do as described and replace the drywall immediately and repaint. If the framing became saturated, then you might want to leave it open for a bit to dry before repairing the drywall.
It should go without saying that any wet insulation needs to be replaced . . . PERIOD!
I suffer from CDO ... Its like OCD, but in alphabetical order, LIKE IT SHOULD BE!!!