Basement Bulkhead - replacement ideas

I was trying to search around to see if any one has plans, ideas or pictures(before and after) for a bulkhead replacement. We just bought a new house and my bulkhead is metal and rusted. Rather than clean it up and paint I was thinking of just putting a canopy like enclosure with roof and a door at the top of the steps. Then use the area to hang some tools before I get a shed. It would help with the draftiness of the bulkhead door and occasional water leak from the snow buildup and melting.

Has anyone done this is there anything to consider when doing something like this with respect to replacing basement exitway.

Thanks

D