Re: galvanize or paint?
In that case, I would go ahead and paint it. Scub it down well with a good cleaner and a scotch brite pad, prime with a good automotive primer and paint. It will probably last another forty years. (if the axle is good)
what i would not use is an automotive primer, reason is Galvanized gives off a chemical reaction with air, regular automotive primers will create air pockets under the paint and over time will chip. after fixing many railings and docks etc this is what i would do,
Clean off all the paint Scotch brite if it's flat use 400 or even 200 sandpaper and get it all off...make sure you hit every surface, the corners are the most important, but make sure you don't hit bare metal... once it's clean use a good cleaner that does not leave residue Napa has a variety, or u can use alcohol ( but it's not cheap) once she is clean you start your paint ......use an metal pro (Napa) Acrylic primer for Galvanized steel Napa part # 5050 if your going to spray it cover everything around you it's sprays as a very fine mist very fine dry to the touch in 20-40 min ... cure time 24 hours. this will seal any pockets where oxidization could occur, after that us the metal pro color paint or Tremclad simple it's the most cost effective way to paint metal, If your going with a custom paint job then on top of the acrylic use good paint and your golden.... i have pipes that out in Salt water and have been for 10 years with lights in them and there are no issues to date.... if you have any spots afterwards that you want to smooth and or fill use Sica 10lm caulking the stuff will never peel off and can give those hard to reach corners that nice finishing touch..