Really neat piece. Never say anything like that but sandblasting and powder coating is a great idea. Not sure of the dimensions of the basket, but I would try to find a bucket that would fit around it (after cutting the bottom out of the bucket). That would cut down considerably on the splatter. Also, I would be careful not to powder coat the screw. I would get it to bare metal and keep it covered with some type of food friendly oil when not in use.
As far as the age is concerned, I would think it could be anywhere from the late 1920's onward.