I like your piece of iron , Dean .
I'd like to suggest NOT painting your iron , but instead use restoration methods to keep the old dude around for another few centuries .
I think the way to remove the rust would simply be best done with a hand-held propane torch (metalurgical reasons , not Holy/Hellfire ones) .
My best suggestion is to NOT try to strengthen your piece by the oxydation method , unless you're planning to make one hell (or heavenly?) of a skateboard/street luge/go-cart .
Without going into a great big missive here , I'll also suggest you bone up on 'Iron pickling' and 'decorative iron restoration' (buildingconservatio n.com , for one) to further help you decide which road to take with your fine piece of iron .
I've personally seen iron , over 300yrs old (unpainted) & in outdoor elements surviving without rust , esp. in Europe .
I was also thinkin that it might have come from an indoor installation (nave?) , but just guessin' here .
(BTW , Dean , the biggest one I've flown was a Citation )
(also , oxydizing aircraft engine crankshafts was a pratice that I witnessed , while working as an Engineer for well-known a/c engine manufacturer)
(shot-peening is common with hot-rod engine parts , esp. connecting rods , to strengthen them & also track-plates -grousers-on tracked vehicles & the list goes on & on)
You can witness what happens to a simple flat piece of copper (or a pipe) , when full peened by hand , with a ball peen hammer .