Id just sand out the chips and rust well to bare clean metal, metal etching primer, primer, colour , clear coat, Bling Bling!. If you want it perfect , get someone to dip and strip then same process as above. If you get it sand blasted they will pit the hell out the metal if its powder coat and you'll still be sanding for a life time to get it out.
But yeh as above, by the time you've bought the primers etc it might get expensive.....if you wanted it done professionally drop me a PM, if you arent too fussed about colour we might be able to do something.