Spare Tire

So I just picked up my first pickup. It's a 2010 TRD Off Road, and so far I love it. Pics and all once it's registered and all official.
The previous owner, a 3 time Tacoma owner, has the spare tire in the trunk. He said that the mechanism that holds the tire rusts, I live in the NE where they dump a ton of salt on the roads, and that he always did that. It is eating up a lot of bed space, and was wondering if there was a way to secure it in it's intended space if I use Por15 or something similar to inhibit rust. Any help would be appreciated.
Also, the tow hitch seems very rusty. Should I knock out the ball hitch treat it for rust, or just not worry about it.
Thanks in advance for any help, this forum is great. Now that the truck is in my driveway, I can stop lurking.

 

Welcome to the crazy! Here's what I did early on, then what I moved to. Good luck!