Fender marker patch repair

So I bought this fender a month or so ago and I am finally getting a chance to work on it. So I have a 70-71 fender that someone previously converted to a 72 rather poorly. So I have a couple questions... Is slightly recessing the patch in the existing opening and welding it in from the backside the best route to go? I figure that will give the filler the best chance of holding by filling in the small gap around the edges... Or weld it and grind it down on the exterior side? Or do I get rid of it now as a 70-71 and find another...?

Finish it, that primarily setup,is nice.. I just "shaved " mine, hate ugly lights..( It's all personal).