www1221us,
Can't help you with Cuttin' Chrome... but I recently rehabbed my bumper. A PO had broken the rivets and welded the bumper brackets on to accomodate a winch. The position of the welded-bumper didn't jive with the recovery hook and its absence always bothered me. So, a little fender, er a, bumper bender later(FJ62 skids into trailer hitch of 4Runner) inspired me to fix it all up.
My repair to the ding in the bumper isn't perfect, but I was able to pound it out using a smooth framing hammer and a length of 2x4 beneath it. I also worked it a bit with a big rubber mallet. It looks pretty good (read that as, I see it, but probably nobody else does).
When I took the truck to the local body shop to have them help me clean up the PO's welds, I inquired if they could fix the bumper. The guy said they won't touch chrome for fear of it cracking, etc. My fix doesn't seem cracked yet and it's been a couple months.
Hope that helps, and I do sympathize with you wanting to get your bumper looking better.
Oh yeah, as far as rust proofing/repair, etc. Get yourself a sanding/grinding disc for a standard drill. (I got one labeled "rust stripper" from an AutoZone) Go to town on the rust until you see just metal. Clean any shavings/chaff/dust and then paint it up with RustOleom. There are also some more industrial products for marine applications, but their application is quite a bit more involved.
Good luck.