Thanks to everyone for the words of wisdom. Some great attention here from all you folks and I truly appreciate it...
This is going to be a bit of a work in progress I think.. I have the grounding done now in an adequate way I believe.. That said it is going to happen again. I like the idea of the solid brass post and I will look into doing this at some point.
Regarding the weld. I have done some welding but I am not an expert on the topic. I had a mechanic look at it today when I was getting the bearing done. He looked over the hangers on both sides and said "not pretty but should be ok".
As for the frame... I got ahead of myself in trying to prep it and started spray bombing it with some tremclad type rust paint. I am sure there are better products. That said it should get me by for the season. Later this year, or maybe the spring I will look at dropping the black cover underneath the trailer and exposing the whole underside. This will give me a chance to see whats really going on under there. Seal up any holes and inspect the other side of the frame. Ideally at that point I would like to properly prep the whole frame and paint it again with the appropriate product.
Cheers all!
Mike