once things start to rust, its pretty hard to stop
basic primer and paint will NOT do much IMO
there are way better things you can use
look into POR-15, its a much better product for what your hoping to do, but some of the damage is already done and there will be parts you cannot get to to coat
another option for when BUYING a new trailer or axle, is also to get them galvanized coated, that is normally a option when ordering them, it will NOT stop them from rusting, as chips from rocks while traveling and wear and tear will still get things to rust, but it will take a LOT longer
when I get my NEW axles, I also coat them with POR 156
the stuff is a super hard coating, as good as powder coaating, and again, its MADE to stop rust
I add it just due to its added layer of a coating that has to come off first before it can damage the galvanized coatings
as for coating everything with grease
I would NOT do this to a snowmobile trailer axle,
and reason is, grease holds things, and that can be SALT, dirt, and what not', and then maybe even causing things to rust faster in some places than others!
be a sloppy mess too if you have to work on anything
think globs of it coming off at each washing too? drive way stains, or tracking grease all over if you then step in it!
more mess than a solution
here is what a galvanized axle looks like as to a standard one
and be careful when removing rust, don't go too far down, on torsion axles!
and also, some pic's of what to look for on older axles, they will rust and fail over time!
a regular check every season should be done!