Do not coat exposed ends with zinc-rich paint - it will try to act as a cathode for the entire bar. Use a barrier coating (epoxy is acceptable for this, as you are trying to use a barrier in lieu of concrete cover.) I am not familiar with the previously mentioned product, but would spec something like Sika Armatec 110 for this use.
It is unlikely that anyone can actually core 54 inches. The largest I have found is 36" diameter, and I am sure that is a truck-mounted rig.
You can see about a concrete cutting contractor that uses an ICS chain saw. I'm not sure they can do a radius, but 54" is not very tight and might work. They could readily do an approximation of round with a series of plunges.
But the most common solution is to core or hammer drill a series of holes around the perimeter and jack hammer the core out. Basically, draw the circle, drill 1-2 inch holes spaced 2-3 inches on center, and remove waste. If you elect to core the reinforcing as a means of cutting it, it may make the removal easier.