Mine had no rust, so I just degreased the rails with acetone on a shop rag. DO NOT SAND the rail edges with anything coarse. A green Scotchbrite pad with oil can remove minor rust without appreciably changing the rail edge thickness. I apply a coat of pure carnuba automotive wax to coat the rail edges every three or four months to prevent rust.
I masked off the rail edges with 3/4" green tape from NAPA or other sources by centering it on one end of the rail edge and rolling it along the rail to the other end. Then run a finger along the corners to fold the tape downward evenly along the sides of the rail. Then spray Rustoleum spray can paint to the rails. Any color you want to use. It sticks well and no primer is necessary, but that's up to you if you want to use primer. If you want lettering, have a vinyl mask made at a sign shop and stick it to the fully cured painted rails. Then mask off the unaffected parts of the rails and spray on a second color for the lettering.
CarveOne
http://www.carveonecncwoodcraft.com