I've used brazing rod to fill in holes like those but you need a torch with a "jewelers tip" and some skill to not just burn the holes much bigger--mig welding that panel would be tough...welded metal re-rusts faster too,as it draws the temper out of it..brazing can be done "cooler" and it wont rust like a weld,but its no fun grinding it down and it takes a lot longer..
A repair panel would be a better option probably..once a oem panel looks like this not much you do to fix it will last for more than a couple years...