The phosphoric acid products like
RustMort (AutoBody supply stores) or
Rust Kutter (Tractor Supply), or Ospho (ACE Hardware in the US) help to slow down/kill/convert the rust left in the pits, follow that with a primer and paint. I've used
SprayMax 2k Epoxy Primer and 2k Black Topcoat, works very well together. They're not cheap, about $25-30 per can and they have to be used up quickly. Once the aerosol cans are activated the primer is sprayable for a few days, the topcoat for only ~24 hours before it hardens in the can.
Check out
Summit Racing. One can of each is more than enough for the swivel balls, if you plan to paint the entire axle get at least two cans of each.
The Spraymax
may be the same product as Eastwoods brand, Made in Germany.
Spraymax Epoxy primer comes in three colors, Beige, Grey, and Black,
Free Shipping - SprayMax 2K Epoxy Primer with qualifying orders of $125. Shop Paint at Summit Racing.
The Hot Rod Satin Black is close to the original look (not full Gloss)
but maybe is a touch higher gloss than what the axle looked like when new.
FWIW
Free Shipping - SprayMax 2K Hot Rod Black Paint with qualifying orders of $125. Shop Paint at Summit Racing.
Follow the directions on all the products (go online to get instructions for Spraymax). It's obviously most Important to clean, clean, clean, before priming and painting, final cleaning with Acetone (the Green can of CRC Brake cleaner or Acetone from a hardware store paint section).