Guys, I've had this problem on previous bikes and have found a solution which has worked well - amalgamating tape.
This rubbery tape when stretched bonds to itself and to the surface which is applied creating a watertight seal. You can get it from Maplins.
I just wrapped some of this around the exposed central part of stand and hey presto instant protection. The tape being rubbery its good at taking the shotblasting from the back wheel and being black you hardly notice it. If it gets unsightley you simply cut it off and apply more.
works for me...give it a try.