I would spackle those corrosion pits with a steel-filled epoxy, like J-B Weld or Devcon "Plastic Steel" or the Loctite equivalent. You just mix up the epoxy and spread it over the pits with a putty knife. After it cures overnight, you can sand it smooth and then prime and paint.
J-B Weld is pretty much the same as the Plastic Steel, and you can get it at auto parts stores. For the other Devcon or Loctite products like the aluminum or bronze filled epoxies, you have to go through Grainger or McMaster Carr.
Bondo is a polyester resin, cheap, but nowhere near as strong as the metal epoxies.