I did one myself too when I began to climb.
To protect it from the rust, I used a so called "galvanizing paint" in spray can. Nothing to do with real galvanization, it's only a paint heavily loaded with zinc dust.
As I expected, the paint wore out real fast along the rope's path and on the contact points with the shackle. Too bad, but it seems that the rope's friction drags some zinc particles on the steel and that keeps protecting it, even if most of the paint is gone a long time ago. My porty never sleeps outside, but it sustains the rain better than my steel carabiners and delta link on my saddle.