Hello,
I'll second the recommendation that Protoss just made. You can get various products on the automotive paint aisle at Canadian Tire that will neutralize rust. I have one at home that is shaped like a pen, and it is very easy to apply. Just scrape the rust away and put this stuff on, and it will turn it all black. Once that is done, you can get some high heat paint, still on the automotive aisle, and spray the rack. This type of paint is used to paint engines or brake calipers. You can get paint that will be good for withstanding heat of up to 1100 degrees farenheit. I don't know if you can get chrome, but you should be able to get silver. The whole fix should cost you about $25 in paint supplies and probably an hour of your time. Good luck.
WH