Is this supposed to be some kind of chemistry joke I'm not getting? When I think magnesium, I think fire and going pop when exposes to water. I don't think quickness, subtlety, or making people sick.
Also, how the heck is someone from medievia and without modern industrial techniques going to get their hands on pure magnesium, anyways?
Won't work. Anodizing works with magnesium and aluminum because the material naturally coats itself with a layer of "rust" that prevents the rest of the material from being effective. All anodizing does is make this layer deeper, so that minor scuffs and dents are less likely to break through that layer and allow corrosion deeper in the metal.
Iron rust actually helps the rate of rusting, so attempting to anodize it would simply cause problems. For iron, you want to use galvanization or galvanic anodes.
Combine this with an assassin vine, and you have the perfect setup for every japanese adult cartoon out there.