The paintscheme is 'Sapphire Fade'. Pretty nice paintscheme.
I don't know on the Buzz thing.
Rust is something you should take very serious! Many FATs (and other high end steel frames) unfortunately rusted through because they weren't taken care of very well. Rust is by far most likely in the seattube, right above the BB. Check with a flashlight what is going on there. Click here for how to prevent from rusting: http://www.fatcogs.com/forum/showthread.php?t=134
In case a frame may be rusted through it is possible to have it repaired, but it is not cheap. Preventing is better.
all yoeddy's don t have any "air/anti-rust-holes". -they were designed for lake-jumping
like yoeddy wrote the critical place where rust can take over is the over the bb. most steel-bikes got a litte rust where the seatpost fits. if it s cleaned frequently nothing will happen for many years...
just control it from time to time.
I used a steel brush with a electric drill machine and WD-40. The rust was only on the surface.
Now i will drill holes into the seat-,down- and chainstay tubes from the inside of the bottom bracket. i hope u will understand what i mean, because i have a problem with the bike vocabulary.
Probably you read this on the German board. Be carefull of course! If it is that you decided for this drilling because of improving ventilation and making it easier for damp/water to go out, in that case don't forget to dril a hole down under the bracket, otherwise all this drilling doesn't make sense. Apply proper protection (like Mike Sander's) everywhere. In case you dril a hole in the bracket; apply paint there.