ibdata1 corrupted, recover from ib_logfile?
ib_logfile-s store only recent changes, so you won't recover all data from them.

It's possible however to fetch records directly from disk image, you don't need to restore ibdata1. Actually you even don't need a filesystem.

Check out data recovery toolkit from http://www.percona.com/software/mysql-innodb-data-recovery-tools .

You need something like

./page_parser -f disk.img


And then you can fetch records from InnoDB indexes.

UPDATE: Data recovery toolkit moved to GitHub