gna and work101 thanks for the tips...

I will take it to a shop to have the cotter pin removed. Thanks for the tip. I would drill it out but I don't have a workshop setup where I currently live. What kind of oil would you use to help the paint a bit?

I will be using the primer (I remember the stuff from painting lots of iron railings around my house as a kid...ugh). My only question is how can i use the primer while using the oil to help the other non rusted paint?

Thanks everyone. Sorry for the noob questions.