Hello Jim,
Be sure to clean the welds and bare metal with a wire brush or by sanding. Use a good rust inhibative primer on any bare metal. The Eastwood Company carries many restoration products. Also Rustoleum "rusty metal primer" is a good product (available locally) and will brush on easily. Use a finish top paint over primer then undercoat the areas. The factory used an "body schultz" (speeling?) which was a water based, thick, rubberized undercoat. A special "body schultz gun" is used to get the exact original texture. This product will accept a finish paint topcoat. The special gun is fairly inexpensive. I have used the Seikens "body schuttz" which I have been told was an original manufacturer for Mercedes. It worked very well and when using the gun the texture was perfect.
I have also used the 3M rubberized undercoat in the past. It has it's own applicator built in the aeriosol cans. The texture is not quite correct but it is a good product.
Joe Alexander
Blacklick, Ohio