I'm not asking for a new element here, but maybe if you put BCOL (carbon), BREL (chrome), and molten IRON together, it would make IRON with a different tmp, that wouldn't be damaged by water. It's just that the decay thing makes electrolysis very difficult, and maybe it would be easier to work this way? Just a thought.
For once we have a really good idea and not just "we need a new element!!"
distilled water doesn't rust iron and and can go though electrolysis.
If you do it right, the oxegen that is produced should float up to the top of the distilled water, and not rust the iron.