How do I repair rusty and chipped hand basin?

[alec3]

I'm going through the process of replacing the taps in my bathroom basin, the basin is 60 years old, I want to give it one last hurrah, what I've got is as you can see from the pic is a rather ugly tap hole, any suggestions on how to tidy this area up, I'm not real fussy, I just want a reasonably attractive repair that will see the basin go for another 20 years, are there repair kits available ? will pink be a problem ? thanks Alec