What to do with rusty tow hitch

Factory tow hitch on my 2010 Tacoma is rusting away and I want to do something about it. Local powder coating shop will blast and coat it black for $100, or I can clean it up, spray it with rust converting primer and some black paint. The hardware is probably rusting too.

Thoughts? Oh, and a plate bumper with integrated receiver is out of the budget.

 

Sounds like a fun project. I'd remove it, wire wheel rust off with a grinder. Clean with acetone. Prime and paint it.

 

If you don't use it, have it powdercoated for $100 so it will look pretty. if you use it though the powdercoat will just flake off and the rusting will continue so it would be money down the drain.