Paint over Bondo

Get rid of all the rust and use a fiberglass reinforced filler. That stuff is incredibly hard and strong when it cures. Before the hate mail starts, I am just saying that if one does NOT have a welder, it can work.
Back around 1980 I had a big rust hole behind rear wheel in 1/4 panel in my Barracuda. I grinded all the rust out, put fiberglass mesh over hole, and fiberglass filler over that. Today that repair is still there no cracks, no bubbles, nothing but smooth shiny paint in that area. Like you said it works and can hold up over a long long time as well.

No a days I cut the rust out and butt weld metal in on other projects I have done the last 12 years so since I learned to weld back in 2008.