Doubt that this is a secret, but I usually have my guys remove the old tub drain assembly, repair any flaking (using a special oil based primer) and install a new drain assembly. It works for the sink, too - remove old and install a new pop-up assembly. But if you're talking about an extensive amount of rust, you might need a contractor to refinish it (if possible) or tear it out and replace. (Obviously, if the spout is leaking, you want to repair that, too, since it might be the cause of the rust in the first place.)