"withstand normal rain-water type corrosion"
What is rainwater type corrosion?
How light / heavy is light corrosion , does it make the frame heavier?
On older road bikes (Reynolds 653, Columbus KL amongst others) sometimes the chainstays would corrode through from the inside. It was only when the paint was blasted from the frame, prior to respraying that small spots / patches of orange/brown (rust) could be seen on the otherwise matt grey freshly blasted chainstays.
A couple of winters riding along salt encrusted roads probably contributed to the rusting.
Low alloy steels such as Reynolds 853 probably are slightly more corrosion resistant than mild steel, but only slightly.
From the Reynolds site http://reynoldstechnology.biz/faqs/materials/1
with reference to Reynolds 953
"Corrosion resistance is similar to type 410 stainless steels. In normal use, brown staining of the surface does occur due to sweat, salty roads etc if not protected/painted. The staining can be removed with "scotch-brite" or an equivalent, and trials have shown that this is a superficial stain that does not weaken the tubes."
Thats stainless steel corrosion that they are talking about, not low alloy steel.