-Make a copy of your rust layer. You can do this by going to Layer>Duplicate Layer... or just drag the layer you want copied into the button in the bottom right of the layers pallet. (It says "Create A New Layer" when you hold the mouse over it.)
-Next take all the color out of the image. Do this by going to Image>Adjustments>Hue/Saturation or Ctrl + U. Use these settings:
Saturation: -100