Sounds like a good deal. You might run a tap through the threads before
installing new hardware just to ensure they are cleaned out good. I used
stainless hardware for all the little screws because that was what I had,
but using loctite will also help. It's easier to remove something
installed with loctite than something rusted together.
I also discovered something called corrosionX - it comes in aerosol cans.
you spray it on after all the paint, etc. has cured. It does the same as
the more expensive corrosion preventive products like AV30 or LPS Procyon,
but is easier to apply. It seeps into the treads, gaps, etc. where there
is no paint to keep water out.
Probably should have welded before painting, though...