Update: I removed my vinyl ball sleeve cover to check for rust spots, since I last lubed it up with a fine coating of lubricant and covered it....and low and behold there was no rust spots on my ball!
Unfortunatly there was some rust pitting along the shaft...so I'll try cleaning it off and lubbing the shaft of my ball. Hopfully this will hold up.
I also noticed that some rust pitting has spread to my chrome license plate frame and my chrome fuel door cover. I cleaned it off and applied a thin coating of lubricant as well. I hope it's not serious and doesn't spread anymore!