Full panel or patch?

Wait until you see what's behind it after you spot weld drill that panel off.

Get a bunch of containers , Spray and Pour a good rust converter/coating inside when you get it off. Tape up the weep holes in the rockers and pour it full. You will need to pop the brake and or fuel line clips from the inner rockers and plug them with a golf tee . There are a couple of other openings you'll find as you start pouring. that is why you have extra tee's and a couple small plastic containers LOL. While your at it pour the quarter full and slosh it up over the wheelhouses with a brush.

Your car with rust where you have it should be dipped. Doing what I am telling is the closest you have without sending the body off. You may save it for many more years to enjoy without rust bubbles popping through. Sealing the rust will slow it up for many years. Make sure it is completely dry down in there and blow it out. Blow up through the weep holes that you will tape shut in the bottom of the rocker pinch weld. This is where you will pull the tape off to drain it.

The cheapest coating would be Black Rustoleum paint. Get more then you'll need you can take what you don't need back. Keep the containers very clean so they seal. I strain it and keep it to use again. Using a digital scope we looked inside some before and after. There is no comparison. On a rotisserie you can do the whole quarter up into the roof seam and even the roof one side at a time if you want

This is really important to do if welding was done on the car. If you don't the backs of the welds that you couldn't paint will rot. The biggest reason old body work always pops through. No one takes the time to seal the inside where the paint came off during panel replacement. I learned the hard way over the years after seeing cars that were dome years ago rotted worse where they were repaired.

Redone cars not properly coated are the worst rust buckets we see from the past.

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