Why not try body filler to bridge the gap? Easy to use and maintain the shape
Probably what I would do in the UK, but AFAIK you cant get it here (in Taiwan).
Rust holes on the Skywing were filled with some kind of mastick bedding compound when I bought it. This is less likely to encourage further rust (filler soaks up water) but I'd think more difficult to apply to gaps. I didn't put it there so I'm speculating.
My local improvisations for this sort of thing are
(a) Chewing gum. Works OK but you'd need an awful lot for the gap you describe and your jaws would really ache by the time you'd finished
(b) Crumpled and compressed aluminium foil wetted with sunflower oil. This can be pressed to rough shape and then sanded. I've only used it on a couple of small holes, though, and never used it on a gap as big as the one you describe.
If you use filler, try and waterproof it well before painting. I'd use a vegetable oil (linseed probably best) or an alkyd resin like Penetrol
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