Found this on Internet "Rust Converter, a water-based primer, contains two active ingredients: Tannic acid and an organic polymer. The first ingredient, tannic acid, reacts with iron oxide (rust) and chemically converts it to iron tannate, a dark-colored stable material."
I would do a nice power wash, wire brush/sand the loose stuff and rusty areas, hit it with some rust converter, then some quick rattle can on the bare and converted areas, then shoot a thinned Rustoleum(15% or so acetone) with a harbor freight gun(about $10 on sale). Its HVLP and comes with I think a 1.5mm tip. Quick, easy, and inexpensive. It will last -5-8 years depending on how much sunlight it gets.