Some of those holes will be there from the original galvanising.
They have to be there to allow air to escape from the sections when they are immersed in the molten zinc.
Bad things happen otherwise.
Do you know someone who could sandblast it cheaply? At least enough to get the corrosion out then paint it with good stuff or otherwise see if the galvanisers can re-dip it. I think they have to put it in a stripping bath first to take the old stuff off. Not sure about it getting rid of rust.
Still looks pretty solid-maybe a quick buff back with the grinder and hit it with paint. Hard to do the inside bits though.
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