For reasons of adhesion, I would be skeptical about applying this stuff to an anchor that has any oxidation at all on in. Better to buy a chain that has been coated at the factory. They are not that expensive, usually $7.00 to $8.00 a foot.
I mount my anchor under the seat and store the chain and rode in a bag next to it. A nice heavy storage bag cost me less than $10.00.
Stan Murphy
Nana 1658
Hartfield, Virginia