Rusty torsion bar. this a problem?

[Big Bad Dad]

Working on a 65 Barracuda. While under it this weekend, I found that one of the torsion bars has a thick black coating hanging off of it in places and the bar is rusty. The other torsion bar has the black coating intact. This car sits in an open barn/shed most of the time and only goes out a few times in the summer months for cruising. Is this torsion bar in danger of failing? (I have never seen one rusted before.)

 

[Cranky]

How bad is it? If it isn't pitted, sand it smooth and recoat/paint it.....