Well, it all depends on exactly what kind of rust you have. If it's like orange 'dust', you can take most any gun oil on a cloth and rub the whole mag, leaving it 'wet' for a few days, then wiping it off to see what you have. If it's heavier rust that will leave pitting, I would treat the mag with a rust remover containing phosphoric acid (commonly found at home centers/hardware stores) which will strip any bluing on it, remove the rust and leave a dusting of phosphate on the surface. This won't affect a painted mag except where bare steel is present. Then I would paint the mag with something like Dupli-Color Engine Enamel, low-gloss or semi-gloss black. Maybe you like the look of Parkerized AK mags, in which case you should use Alumahyde II 'Dark Parkerizing'. Flat black AK mags are good too, like the Hungarian 20-rounds. Grill and stove paint is usually flat black and you can heat-cure it after drying. You can also do that with the engine enamel at 250F or less. Take mag apart to treat and paint it.