On-off is not a rust remover. It will take off almost any petrochemical, but for rust removal you want to get stuff that's made for that purpose. Home Depot and Loews both carry stuff that you soak the item in overnight for most applications and when you hose it off your metal is completely rust free. (Second application required for some really heavy rust)..
http://www.homedepot.com/p/Workshop-...0487/203247483
http://www.midwayusa.com/product/184...-gallon-liquid
BUT
Why go thru all the problem. Just buy a length of anchor chain with the plastic coating already on it from the manufacturer. I have a 6 foot length on my 12T Danforth, it's held up nicely for almost 10 years. White, no scratches, etc etc. I believe you can buy it in 3, 6, 9 and 12 foot lengths, and in varying chain thickness. I haven't priced it in a while, but I know it's out there. Not that expensive either... at least not when compared to stainless steel.
Here's some links:
https://jet.com/product/detail/b8e6c...FVCQHwodvTcJZQ
http://www.westmarine.com/buy/greenf...05_154_001_503
http://www.sportsmansguide.com/produ...-16x3?a=493677
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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