Dusty,
My father in law uses the implement paint from our local Oschelins on his tractors and it seems to hold up really well, Last weekend, I picked up a couple cans to hit some bad spots on my new big bolt to hopefully slow down the decay till I get the opportunity to spend real time on it.
I say go for it, if your gonna redo it in a few years anyway, having something other than exposed rusty metal rotting away should help.
Look forward to hearing how it works out for you.
MONGO