That lines up with the one on my car and from a donor car - black painted tube, bare steel (with rust) stick.
*likewise on my November '66 SJ car, excepting the rust. Mine has (had) no rust, just a bit of oxidation on the bare steel.
I used a fine Scotchbrite pad to clean up the oxidation that was present on the exposed dipstick end to help it closer match the portion of the dipstick that was protected from the elements better.
If you need a sample-tone of what it should look like, go pull a dipstick from any newer car that uses a flat style dipstick and look at it.
Yes. That is what the natural steel portions should look like.