I had a trailer as rusty as this base and just wire brushed the loose rust off but left it rusty brown then painted some etch primer on, followed with some watered down water based Wattyl Solagard that was sprayed on.The trailer was left out in the rain for years and I was surprised it never rusted anywhere it was painted.
Problem is Wattyl Solagard is about $15. a litre but you need to buy it in bulk to get it that cheap.
Sometimes I just wire brush the metal base with a drill and paint the base with a $10. spray can of high temp engine enamel as it doesn't wash off with fuel spills.
I'd have to throw that Tornado base in the scrap pile unless I put a 4 stroke on it as no one pays much for 2 strokes here.