Corner bead rust

The corner bead around one of the windows in my bathroom is showing rust through the wallpaper. I guess it was put in when the house was built
back in the early 1980's. Should I replace the bead to prevent rust from progressing & staining the new wallpaper/paint or can I just paint
over it with bathroom wall primer?
The corner bead is embedded under the patching compound. I don't know
how moisture got to it, unless it just permeated the wall slowly over the years. I'm sanding down the metal bead to get all rust off. It isn't consumed with rust, but just enough for rust stains to be showing
along the outside corner...enough to stain the wallpaper.
So I'm going to prime the exposed bead and patch over it. Any better ideas? I may be able to use tape, or maybe place a new vinyl bead over it to get a clean-shaped edge.
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