The paint on mine has flaked, but I haven't seen rust yet.
If you stripped the remaining paint off well, I don't see why high temp paint wouldn't be alright. Rust is definitely a bad thing over time.
Primary: Thunderstruck Pumpkin Ale
Secondary: What sorcery is this?
Future: Alchemist Heady Topper Clone, Yooper's DFH 60 Minute Clone, Hefeweizen, Session Bitter