POR is good for fixing pin holes and protects the metal but without reinforcement (like fiberglass... which they also sell) it doesn't make damaged metal any stronger. Visit the POR-15 web site and browse around, I believe they still sell a point-bonded (non-woven) fiberglass mat for making repairs along with epoxy putty for filling larger cracks and holes prior to painting.
POR is good stuff, don't get me wrong, but it requires a lot of very careful prep work if you want good, lasting results. It is also so glasslike that you'll have a hard time getting "regular" paint to stick to it. Their Tie Coat primer (in my opinion) is not as good as hitting a tacky POR-15 surface with a fog coat of your regular paint's primer. Anyway, the heater box is an excellent place to try POR, just take your time and do all the necessary steps in their literature if you want good, lasting results.