Hello Greg,
Like you I wrestled with rust on the back chain plate for years.
The best I could come up with was that it is what the industry calls "tea stain".
I, like you, was apprehensive that my chain plate was corroding away but I don't think that is the case.
If stainless steel is bent (which this is) two things can happen (so I'm told)
1. You change the molecular structure of the steel which can cause this and secondly if it was bent in a steel
vice the jaws can impregnate the stainless and cause the "rusting" appearance.
How to fix? I wire brushed mine clean ( with a SS wire brush) then gel coated the area. This appeared to
curtail any further activity ( though I always wondered.....)
I am no expert on this , just passing on the road I went down!!
Hope this helps,
Cheers,
Maurice.