An aviation fix is in order
I have an aviation background, ergo, my recommedation for a fix.Aircraft, for the most part, are built of alloys of aluminum and, as such, all share a grand propensity for corrosion, which, in aviation, is a very, very bad thing. The way the problem is solved in aviation is to acid etch the affected area which removes all the corrosion and then use a product known as Alodine on it. Once treated, corrosion very most likely will never occur in the area again because the Alodine treats the metal at the molecular level. If you are dealing with a painted mast, make sure you have neutralized the area well, mask off you deck and anything else you don't wish to have overspray upon, and use either the yellow or green zinc chromate primer prior to your finish coat. Aircraft mechanics tend to be a friendly bunch and might give you a little advice and some Alodine to complete your project. Just pop into your local airport, ask around and they'll most likely fix you right up.Good luck.