Is it possible to drill a drain hole for the solution that was being trapped?

It was once explained to me that chrome moly can be a problem to put any kind of coating on other than oil simply because the "moly" is actually a lubricant that can't be completely removed. One of the reasons I think most high end race cars these days are left bare metal. If you do see a painted cage, its probably made from mild steel. I'd say build your CM parts then wipe 'em down with WD40 and forget the "pretty".