Chosen Solution
I broke my iPod while trying to replace the home button cable. In order to keep what was on my broken iPod, can I take an iCloud locked iPod, pull apart, then put all working parts back together, to make a new iPod? I’ve found an iCloud locked iPod on eBay. It has all working parts. Can I essentially just swap motherboards?
Your theory will work, but yes—you will have to solder. An easier option is to turn on assistive touch or order a cheap home button dongle that plugs into the charge port.
As long as you’re not pulling the board from the locked iPod touch and putting it into the broken one, you can use the parts in your iPod.