Is This The Final Nail In The Coffin For...
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No best answer has yet been selected by Bee35. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.It is a bit dificult without seeing how bad the damage is. You don't say what colour it is.
However as a general idea you could treat the areas with a rust inhibiter like KU RUST. Then touch up or repaint yourself with HAMERITE paint. They make this in spray or brush on. The colour range is a bit limited though hence my comment.