Electrode corrosion would occur, almost certainly, not due to oxidisation but to electrolysis. To avoid this, the sensing current would have to be A.C., which really complicates matters from a design point of view.
My money is still on the reed switch - fix it to the pipe interior, and float a magnet on the water underneath it. As the water level rises, the magnet rises too, approaching the switch. At a couple of millimetres distance or so from the switch, the switch will close, energising the relay, and switching on the pump. No fancy circuitry, no moving electrical parts, no underwater connections and no worries about corrosion.
My money is still on the reed switch - fix it to the pipe interior, and float a magnet on the water underneath it. As the water level rises, the magnet rises too, approaching the switch. At a couple of millimetres distance or so from the switch, the switch will close, energising the relay, and switching on the pump. No fancy circuitry, no moving electrical parts, no underwater connections and no worries about corrosion.