Product review (4 stars): ReRack, An Inexpensive Alternative to New
Redoing rusty dishwasher racks is a multi step process.  1) Pull or cut off the frayed vinyl. 2) Prime the rust with an acid etching solution available at an auto parts store to turn the rust black.  3) Shake the ReRack paint vigorously and use a cue tip or small stick to bring it to a more constant texture as it tends to be thicker on the bottom of the bottle.  4) Paint the affected areas, with ReRack using multiple coats.  I allowed about an hour between coats.  The product goes on thick, so be sure to allow enough drying time between coats.  5) Allow a good 24 hours for the ReRack to harden before reinstalling the rack into the dishwasher and putting it back in service.

I cannot comment on the durability of the paint as I have only put the dishwaher through 3 cycles since I redid the racks.  It was less than the $200 cost of buying new racks.  Since my dishwasher is 13 years old, that wasn't going to happen anyway.  Whether it was a good choice, time will tell.