a) Live with it
b) Remove the paint and rust around it, and use touchup paint
c) Repaint frame
Cost and quality go up from b to c.
Choice b sounds like the direction you'd like to head in, ain't that ain't bad. 80 grit garnet cloth is probably your best bet, to get to the rust you'll need to get the paint off the affected area, at that point you could use naval jelly (good for small areas) OA, or whatever you have on hand to remove the rust, rinse, sand just a bit, and touchup. I can imagine making a small dam out of putty if you go the OA route.
I think you're on the right track.
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If someone tells you that you have enough bicycles and you don't need any more, stop talking to them. You don't need that kind of negativity in your life.