Welcome, kxrf. Here are some of the answers I can supply. Other forum members can supply other answers....
"Higher" then usual auto trans failure rate-Wrong, no problem there.
Rust concerns-Not to worry, no signs of rust from any forum members. We also have forum members from the European Union (EU) that have been driving Trans Connects for years longer then we have in the United States, no rust issues.
No TPMA issues, although the choice of tire choices keeping with the correct load rating is small. Plenty of forum entries on what is available.
As forum member mrtn has written, the first generation Transit Connect was a real workhorse (and he should know, being from the EU and owning multiple high millage Transit Connects).
Good luck with your search.