I've only run bangers, so havn't done cosmetic repairs other than those required to fool an MOT inspector, but this sounds like a job for body filler.
The standard stuff needs careful surface prep and overpainting because the talc filler in it can absorb water and promote rust. Perhaps you can get better materials (maybe epoxy rather than the usual polyester base) to mitigate this.
The trad alternative, which I've never tried, is to fill with molten lead, rather like plumbing a "wiped" joint in a lead pipe. This is of course a specialist skill which you'd have to acquire or hire, and I dunno if it can be done on a vertical surface.
Speculative, but i filled a hole on my current banger with highly compressed crumpled aluminium foil, which seemed to have potential.
It could be formed and burnished by rubbing with a ball-pein hammer, and could probably have been sanded with wet-and-dry, though I didn't try that since I don't really do cosmetic repairs.
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