Cracked and Rusty Artificial Stone Repair

Yikes.. that looks pretty bad. I had my waterfall repainted yesterday by a company called Pool Rehab. I would give them a call and ask about repairing the rock itself. Their is also company in Orange county that is one of the best at making these rock waterfalls, but my job was probably too small for them. Look up "faux rock water waterfall painting" youtube and you will see some of their work.
 
Yes, it's rebar covered in stained concrete. For now I want to patch things up while it's drained so it doesn't get worse, but I would be wise to spray it at least at some point soon. Does the staining have to be done with an empty pool or would you just bring the level back down below the faux rock?
 
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