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Old 1200 grit is essentially polish, there's still a hefty amount of brown paint under the black. I've left black around the areas it'll most likely get marked by D-lock or railings, thin paint gets scuffed, reveals brown, looks old and shit to a thief.
Only significant bare metal areas already had paint chips exposing metal.
Rubbed back, Genolite, POR 15 clear, think 4130 steel can cope.
But rust damages steel...