Phosphoric acid will convert the rust to iron phosphate, a dark grey material which is a good base for paint, might help in the logo
but not for the lug. The rust has destroyed the chrome plating and there is not much you do about that. FWIW coca-cola, pepsi
and similar cola drinks are dilute phosphoric acid solutions and work well as rust convertors. You can look at it on youtube,
and the diluteness would be less likely to damage surrounding painted areas.
The problem is that the rust is occurring under the plating and absent plating removal you can just cosmetically treat it. Of course
mechanical removal also works but is detrimental to the paint and shiny chrome.