Interesting idea. The only challenge I see with it is that the bushes are pretty much unobtanium now, and you'd need those out to hot dip it otherwise they would just burn up. IIRC I bought the last full set of S8 bushes with the last subframe I stripped, but the 2.8 bushes may still be around somewhere. If you can find them and are willing to spend the cash then go for it.
Generally I just blast and re-paint with something like Rust-oleum combicolor when the bushes are intact. I agree powder coat is definitely not tough enough for a job like this - it tends to flake off the sharp edges and welds quite easily.
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