I used some scrap sheet steel and the HF pneumatic flange and punch tool. Worked great. But installing a patch panel on a large relatively flat surface is not that easy. You fit the panel, punch it, plug weld the flange, and then seam weld it. The heat of the seam weld causes the metal to shrink along the seam, which will "oil can" your fender and create some new metal work challenges. The real pros will butt weld the panels. Then, they can clean up the welded area with a grinder and use a hammer/dolly to stretch the welded seam, removing the shrinkage that is unavoidable with the seam weld. You can't easily clean up a lap weld (flange) with a grinder and hammer/dolly the double thick welded seam. You'd have to hit it long and hard to stretch that area. I can write a personal testimonial on this subject.
Having said all that, if you have a decent amount of metal remaining, you might consider removing all rust (bead blast, sand blast) and then using one of the very cool fiberglass filler products available to fill the front
and back. For strength, you could add extra fiberglass filler on the back, out of view. The fiberglass fillers are moisture resistant and are applied to bare metal. They have short strand and long strand fibers, depending on which can you buy - probably short strand is fine for this repair. Then, you could grind smooth and apply your epoxy on inside. On outside, you can apply regular filler over the fiberglass filler. The fiberglass filler isn't intended to be a complete finished surface, like your standard body filler. It is more structural and won't suck up moisture, otherwise causing the filler to pop off the rusted metal beneath. This stuff is hard as nails and will last a very long time. After "doing it right" on my TR3, I would consider doing it a little differently on my next resto.
My sand blaster in Sacramento has the metal replacement technology where they spray metal on an area and do a metal build up. Then grind smooth. Is a pretty cool technology but I'd only use that on an area where I needed to have a finished front and back. That treatment isn't cheap and probably isn't necessary for our TR3 fenders.
Here is a photo of a flanged patch panel with MIG seam weld and significant shrinkage on the seam. All the spots are where I shrunk the metal to remove the oil can problem. (think of the bottom of an old style oil can, where the bottom will push in and then pop back out). This worked out well - I used a stud welder to shrink the panel.
Pat