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I don't know if it would be cheaper or cost more, but maybe something like the rhino bed liner (or similar without the brand name cost) would do the trick and give some protection for the use. I had a smaller trailer I use for mowers and ATVs and to haul wood with sprayed and it's held up well. I would have done it myself , but the body and paint guy owed me a favor so I'm not sure the cost vs other options.
I recently read a post somewhere that there's a DIY version of bed liner in-a-can. Supposedly works somewhat well, and is much cheaper, of course.
Whichever the choice;
- Prep, prep, prep. The most important part. Get as much of the rust off as possible. Use one of the numerous paint/spray-on paintable rust converter coatings (not stuff like POR-15 that isn't meant to be painted over. Rust-oleum, Iron Armor, Eastwood etc., all have their own versions).
- this video seems to indicate that Plastikote's DIY bedliner would hold up fairly well as a paint substitute (vs in comparison to commercially applied bed liner in a soon-to-be-abused truck bed).
That said, Rust-oleum High Performance Enamel spray paint actually holds up well.
Rust-oleum Exterior (paint+primer in a can) is an interesting option. Followed someone's project, painting their car with the stuff, years ago (they'd used it on their patio furniture and old BBQ grill, and had been impressed. Said it held up very well on the car, and touch ups for rock chips was a breeze).