I... hate... rust... enough so that, at this point in my life, I'd run away. but in the past I've purchased MJs that were way worse so it's absolutely fixable if that's where you want to throw your time/money.
I won't deny that I've been completely spoiled by being in GA so much. I pulled 3 pairs of tow hooks yesterday with the cheapie 3/8" ratchet in my bag (went in for something else so didn't drag the impact gun with me). no way that'd ever work on a northern Jeep.