If you look close, there is a groove in the copper sleeve, probably to trap grease and keep the pivoting parts lubricating. I guess as the pedal swivels up and down on the pin, it eventually wears out the grease, and wears out the chrome off the pin - and then as some salt got in there, it quickly rusted the pin as it was no longer protected with chrome. I am really thinking a stainless rod to replace that pin might be the best idea, it will never rust.

Well, I got and installed the used unit, worked great. I took it apart, and applies some Daizen grease to the sleeve that mounts onto the pin - Daizen is a Japanese company that makes sway bars and polyurethane bushings, and they sell the stickiest, longest lasting grease I've ever seen. Works nice and smooth now.