I would do it to the drum but I’d cold galvanize the anchor.
No.
I’m flipp’in back and forth.
What color? Or colors? I suspect you’re look’in for the look .. beyond just general maint. If so powdercoat. You can touch up w some other tough coating. I think the anchor will do much better than the gypsy. I don’t think you had the “winch housing” listed.
What I’d do if it was my boat is PC the anchor, winch drum, and housing but hot galvanize the gypsy.
I see that’s not a Danforth. What bottoms do you have there? Sand? I wouldn’t spend the money on it unless it’s performance was very good. I suspect it is as I think you’ve had that Dan type for some time.
One last question ... do you use the winch w chain on the winchdrum?
If you PC the anchor be sure and tell the powdercoaters that the anchor does not come apart.