Assuming the valves aren't in the line of fire, nothing the tire can sling can damage that tank. However stone chips will quickly lead to really bad rust. Again, it will never actually rust out, but will look bad in short order. If you do coat it, make sure it is a flexible coating, preferably paint specifically made to expand and contract, we used to use special paint on our propane tanks when I was in that business. Use normal automotive or house paint and it will last until the first cold month after the first hot summer and it will fall off in sheets when the tank contracts in cold weather.
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