Rusty corner bead next to shower.......

I am in the midst of fixing it my way, but there is probably a better way. Walk-in shower has tile all around, and the outside of the shower, i.e., the rest of the bathroom, has drywall. The outside of the shower where the drywall stops and edge of bullnose tile meet has a corner bead rusted long ago at the base on one side. I patched once and it rusted through, so I cut off the bottom 1" and painted what I could reach with rustoleum primer. I have it open for now, waiting for primer to set completely. Then, I thought I would caulk a little piece of plastic over the rest, let it set wall, and pack joint compound in to cover it. I believe all the moisture came from outside wall, as tile seems in good shape. The corner bead and the tile are ever so slightly out of plumb, and I had to cover the bead and waterproof with primer/paint where joint compound cannot cover.
I painted the condo above us, about 5 years ago, and it had the same problem to a more severe degree - tile at bottom of opening was falling off, and the water probably damaged our ceiling. I let the ceiling go for a long time, thinking I could convince hubby to replace the drywall. Peeled paint, rusty nailheads. Repaired, primed, painted, hoping repairs upstairs have since stopped all leaks :o) Upstairs had glass/alum. door, as ours once had, and theirs had never been caulked :o)
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