I have seen Brownings going through that are worse than that. What had made it worse than the pitting/corrosion is the sheer butchery with a file and coarse sand paper. That was criminal! If you want to stop the rot and start the improvement you need to strip it and have it bead blasted. Ask a local engineering works for their advice re the processes you have there. Same as protecting it further. They will have details of phosphating facilities or chemical blacking.