Sailoff...
From 1986 to now is a long time to expect an initial barrier coating applied by Hunter to have survived with only minor breakdown. You don't indicate fresh or salt water environment.
Suspect it to be Interlux's Barrier Coat, applied by a PO or a yard/dealer in the more recent past. Rust spots are common with these steel keels where the coating breaks down and allows oxidation to occur. Mine is showing a growing number each year on the starboard side--will be grinding and coating for the coming season soon.
Suggest just grinding down the rust to bare metal, give it a spray of anti-rust primer immediately to seal off from any oxidation, brush on new Barrier Coat, bottom paint and go sailing...