Thats in interesting read
After consulting the Zed Shed Oracle, I think I am going to to go at it with some powered wire brush type implements, lots of sanding then some zinc primer, sand again, prime and paint.
http://www.rustoleum.ca/CBGProduct.asp?pid=145
I am thinking of doing the top tray and inside the drawers with some spray on truck bed liner which when dry forms a textured rubbery like material.
http://www.rustoleum.ca/CBGProduct.asp?pid=283