Choices
If the turnbuckles are showing rust it means that the galvanizing, the zinc coating, has gone away and now the steel is exposed. Galvanizing is, like the zincs on the prop shaft, a sacrificial anode. It is meant to corrode before the base metal.
I see several alternatives for you.
1. Galvanized turnbuckles are a lot cheaper than their stainless steel counterparts. You could replace the turnbuckles with new ones.
2. I like the idea of reusing serviceable parts. You could get the old parts sandblasted or use a chemical paint stripper to remove the old paint. Then get them regalvanized. Beware of trapping sand in the threads. Paint over the galvanizing if desired.
3. In the spectrum of corrosion resistant coatings for steel galvanizing the the king. A somewhat distant second is powder coating. Painting with other paints is usually last.
Painting the threads is a bad idea. If you have extensive rust in the threaded areas you may have lost enough metal to weaken the threaded joint. I wouldn't reuse the parts in this case. If the threads are in good condition, painting will reduce the necessary clearance to the male threaded parts. This could lead to galling or an interference fit and possible jamming of the threads.
New galvanized turnbuckles may have the threads galvanized. I don't know. But if they are the manufacturer has allowed clearance for the mating threads. If you regalvanize you may have to run a tap through the holes to clean up the threads. If you powdercoat or paint make sure the threads are masked. When you're ready to assemble lubricate the threads with Lanocote or Tef-gel or something suitable.
While I like re-using old parts, if the strength of the part is compromised it makes sense to start over. If there is any cracking or if the threads are deteriorated recycle the old parts as scrap steel and buy new.
Good luck,
Clyde
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