Get rid of the old rust at all costs. (they don't call it car cancer for nothing).
If you can't buff or sand it out, use navel jelly or muratic acid.
For deep pits THAT DO NOT INTERFERE WITH THE INTEGRITY OF THE BOLT, clean them out, even if you have to do a little drilling, then fill with solder and copper plate.
For final finish, I'd go with Copy Krome or just plain nickel.
Both with give you excellent rust protection.
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