Water Heater Problem

I was inspecting my water heater this afternoon, and discovered that the there is rust around the cold water inlet. Also there was a thick slippery brownish substance around the bottom of the water hoses right before they connect with the heater?? I wiped it off. Was this just rusty water? What else could it be! Have pro flow metal jacketed hoses. I put a Jasco rust inhibitor/primer solution around the base of the cold water inlet, as well as the vent ring, and somewhat around the hot water outlet. I trust this is safe as it isn't in contact with the water supply. I probably will paint the areas with a rust inhibiting paint as well. I don't know what kind of damage water seeping into the heater from around the inlet and outlet valves can cause? The hot water outlet has some rust around it as well, but not as much. Looks like some white sentiment of some sort, as well. Maybe mineral deposits? It is a Bradford White heater that is around 4 years old. Do these symptoms suggest that I will need a new heater sooner rather than later? Is there anything that I can do, other than trying to stop the surface rust and painting it? I have had an increase in water pressure of about 150PSI for the past three - four months or so I think as a result of a failed reducing valve. I did not know it until recently, and changed it out in the last few days. It is now holding at 50PSI. I thought that I had looked at the top of the heater but apparently not carefully enough. It is elevated on a platform so to see it clearly, you have to climb up on the platform to see it! Don't know if this had anything to do with this. The other big problem is that who ever installed this heater about 4 years ago, failed to put in a discharge tube is it is possible that the pressure sent water out of the TRV which is on the top of the heater. But why moreso around the cold water? I have not gotten around to installing a discharge tube, but plan on it this coming weekend. I imagine that even with a discharge tube, a failed hose can create the same scenerio. I wonder if I should pull the vent connection away, and remove the top lip of the heater, and see what other rust damage is in the heater. Can the inlet and outlet connections be removed and replaced? I presume that this isn't the first time anyone here has heard this story Anyone that can help would be greatly appreciated. Thanks.

I take it that you never got a building permit, as not routing the overflow properly is a code violation! Something to consider...

At 150#, the thing probably did discharge. Since you have a PRV, do you also have an expansion tank? They go hand in hand. A failed expansion tank can also allow the pressure to rise after hot water use as it gets expanded in the tank - it needs somewhere to go.

I'm not familiar with those hoses...are they rated for use on a WH?

heater

You have several issues that need a plumber on site to evaluate them. Painting a primer will do nothing to prevent heater failure if there are leaks that will cause the tank to rust from the outside in. Fix the leaks, do the safety valve correctly, and then evaluate the condition of the tank if possible. But you may just have to clean up the tank and then see how many years it lasts before it starts to leak.