I helped restore Silversides' forward escape trunk as a side project in the fall of 1984 when the boat was at Navy Pier in Chicago. It was a mess, with sheets of peeling paint. I pin-chipped everything and stripped the brass and bronze piping in it. Then I gave it two coats of red lead and two coats of white rust-oleum. I returned to college to finish my degree and my teammates then detailed it, painting the lower flange red and some of the light fixtures green. I can't say what shape it's in now but it really shined when you looked up into it. I definitely agree it's worth doing.
Part of the problem with escape trunks and conning towers for that matter in good shape, especially for boats that are still afloat, is that they are places where the warm air from the boat collects and meets cold air surrounding the outside of the trunk or conning tower cylinder in winter. That creates a lot of condensation and thus, humidity, rust and corrosion.
One of my favorite parts of that project was having the top hatch open to provide ventilation. One October night, I was standing in the trunk and stuck my head out the top, to see the full moon rise over Lake Michigan. Live was good.