I am probably of the last generations that grew up with “bathtubs” being used as field water tanks as the norm more than not. All of old free standing bathtubs were being replace when everyone was remodeling, updating bathrooms in the late 50s, 60s early 70s. They were being thrown out everyday. Easily found for free, just come and get. Easier said than done because they were/are REALLY heavy, thick and made from cast iron. We needed several people to heave them into a trailer and unload.
But that’s what made them fantastic for horse tanks. Way too heavy for the odd swimmer that every paddock, field end up with. They can’t be tip, or pulled one over by the majority of normal horses. The fact they have a porcelain interior finish keeps them rust free for years and years unless chipped or worn to the metal.
Painting the outside is easy and time needed depends on what level you want to spend on the project. Sanding down the rusted metal can and is time consuming. But we are not working with furniture here. You can just lightly sand with steel wool to knock off the loose rust off. Or not sand at all and just spray with a metal paint. It will look fine, its in a field/paddock not your house. Yes spraying over the rust doesn’t allow the paint to adhere nearly as well as prepped bare metal and it will peal/flake sooner rather than later. But IMO no big deal just spay it again. Cheap and not much time evolved.
You can coat the whole tub with navel jelly rust remover and scrub off with a wire brush which will give good results with not much effort. If you have a power washer even better, less work. Me I have bigger and more important things that I should devote my time to. Things that are much more in my face and others that need sprucing up.
As to what kind of paint to use on the porcelain interior talk to somebody in the paint department what is best. There maybe very good primer to be had for this. Depending on the condition of the porcelain, but I think regardless it will needed to be cleaned well and best to lightly sand the surface to rough it up and give a better bonding surface for the paint. it will most likely peal in places over time depending on what is used. But again, IMO no big deal, I would just do a quick prep and spray again.