Product review (3 stars): Sort of pricey for what I got, jury still out on effetiveness
Four ounce bottle of vinyl paint and 60 or so 1/8" caps made for the tine ends for ~$24 dollars, not a good value for dollar spent.  I have a 10 year old Whirlpool dishwasher which is in very good working order, (runs w/o incident, cleans well, low noise). Amongst its minor issues is a soap dispensor lid which doesn't open ( so I don't snap it shut afer adding the detergent, the clear film over the operating mode selection buttons cracked and wore thru after 2 years of use, and the vinyl covered steel dish holding rack started wearing thru about a year ago.  The rusted wire started depositing rust stains on the cleaned dishes recently so I sought a fix.  My thoughts of an out-right rack replacement were dashed when I found the price to be about $150 including shipping.  A new similar model dishwasher was about $350.  After some research I came across this recoating product.  I bougth the whirlpool labeled version thinking it might be more taylored to my appliance.  After cleaning loose vinyl and rust I coated the bare metal with a rust "penetrator/primer" (by Loctite),(not part of the product's instructions) and proceeded to paint the bare metal with the vinyl Paint ( I took pains to find the appropriate paint as you don't want your dishes being bathed in some paint or coating that's not made to eat off of".  A generous sized bottle was supplied with a hard to use built in brush much like what is supplied with "white out" for typed document mistake cover up liquid.  (I don't know if white out is still made, the brush hairs are short stiff black fibers that don't hold much paint, they don't spred it very well either).  After 6 or 7 coats, the metal is well coated with a  reasonably thick layer of vinyl.  I haven't tried in the dishwasher yet (been using just the top rack).  If I can add to this review, I'll let you know how it holds up.

UPDATE

After about a year, the fix is holding up pretty well.  There are a few spots where the vinyl came off, but that may be due to poor surface prep or application.  I did have many (~100) rust spots, so some may not have been done very well.  I do think the (Loctite) Surface treatment helped, I use primers when possible to improve the adhesion of the top coat.