[Helicopter tape, Laminex tape or a very long front mudflap
I'd agree with Dan, though I'd say
and rather than
or Unless they're going to be used primarily off road, my bikes have long mudflaps. We sometimes have comical arguments on here about how long they should be, as long as you like, but I don't think there's any such thing as too long. It becomes a compromise between the advantage of interrupting spray and catching on obstacles. If you draw a straight line from the tyre's contact patch and the BB and the flap doesn't intercept this it would do more good if it was longer. My bikes have a coating of Turtle Wax applied last month ready for the winter, it's only in part because I like shiny, it also means the muck washes of easier. Plus when applying I'd have noticed any blemishes that I might not have otherwise seen.
In this OP, I'm not sure what originally caused the damage, but it was neglect that allowed it to get like that. If you ride a lot in the winter, on treated roads, you need to wash that stuff off ASAP, it's highly corrosive. Stone chips on some part of the bike are sooner or later inevitable, they rarely get down to the bare metal, and even if they do a dab of something protective stops the chance of rot.