My guess would be that the oxygen would be protonated and become a leaving group, leaving you with, for example, just pyridine.
No, that would give you Py
2+, which won't happen. To get pyridine from pyridinium N-oxide you need
nucleophilic abstraction of O - i.e. the Py is the leaving group, not hydroxide/water.
I'd guess that S
NAr reactions (for example with hydroxide: pyridine N-oxide
2-pyridone) would be a more likely degradation pathway - but I don't know the answer to the OP's question.