To answer the two specific questions in your post:
Can I change the database property to simple restore and shrink the log file?
You can switch to the simple recovery model and shrink the log. This might workaround the problem for a little while if it moves the data off of the faulty area. Or it might cause more problems (if there are more "bad" areas ...
For what it's worth, I've found that mysqlcheck -o can effectively repair corrupted InnoDB tables since it in fact does a "recreate + analyze". I had a corrupt table that was preventing mysql from starting. First I tried:
mysqlcheck -r db_name table_name
note : The storage engine for the table doesn't support repair