Has any body had any dealing with corrison on the black anodized toe rails on a Newport? I have about a dozen pin holes of various depths, most are the diameter of the lead in a #2 pencil

That's not bad enough to worry about. What happens is that the stainless fasteners make a galvanic couple with the aluminum rail; which causes the corrosion. Keep the boat well rinsed after sailing to minimize the ability for the galvanic corrosion to take place. At some point you will be looking at a toerail replacement job; but that's probably 10 years away (the rail would need to be severely corroded and/or the hull/deck joint leaking.

Thanks for the input---One of the guys on the dock suggested that I not leave stainless fasteners attached to the rail.
He owns a company that specializes in corrison control, unfortunatly he did not have any suggestions.

I have a feeling that their must be some type of coating or paste that could be pushed into the holes to slow down the rate of corrosion. Will keep looking.