Along the lines of what jammer1 said but I would do it in a different order.
First sand back the paint about 2-3" to feather the edge and give the coatings some bite. Then spray a self etching epoxy primer directly to the metal especially the weld bead. You want the epoxy in the crevices of the weld. You do not have to sand the primer before you apply the putty if you work within the stated curing times. Once the epoxy primer has cured you can apply filler with the first coat focused on pushing into the weld bead area. The duraglas would be a good choice primarily in the weld area but I would not use it beyond say 1" to either side. It's a strong filler with fiberglass strands incorporated so it will withstand cracking due to flexing of the joints. Work with small amounts at a time because it kicks fast and when it hardens, it hardens. Grind that down trying not to remove the primer too far outside the weld area. With that smoothed out and any high spots in the metal worked out then apply more epoxy primer to any exposed metal. Then apply the second smoothing coat of filler. For the second coat I would use a conventional "Bondo" or fill putty as it's easier to work. Once the filler is sanded out, you will probably apply more as you work it to your liking, then the 2K primer.
Sanding in the areas you're working can be done with a DA sander. Cut the fillers with 40 grit on the initial knock down passes. When you have it close then switch to 80 grit. Each time you apply another coat of filler stay at the 80 grit level and let the filler dry or you'll pull it off in chunks and clog the paper. When you're happy with the filler finish go over the area with a 150 grit. Then apply the 2K. Now switch to 220 grit and sand the primer down to expose the filler but dont go thru to the metal outside the filler areas. Apply a second coat of 2K straight or depending how well your finish work is you can cut it and apply a thinner coat which would then get the paint.
2K is typically grey so if your painting a darker color you'll want to seal the paint with a black primer/sealer. If the color will be light yo can spray right over the lighter color primer.
I prefer the epoxy line from Southern Polyurethane Inc. (SPI) They supply a very good product and easy to understand directions from a working mans perspective.
The prefered method of applying filler now a days is to not remove the surface coatings if they are in good condition. Instead you apply an epoxy primer/seal coat and then work from that finish outward. If the surface coating has been removed such as in your case the self etching primer chemically digs into the metal sealing it, and the SPI epoxy has a rust prohiibitor and is designed to allow filler application to over it.
The 2K is a filling primer, also called a high build primer and is designed to fill sanding scratches and minor surface wobbles. It can be block sanded and treated like a very very thin filler. Also an epoxy, it dries faster, and can be thinned to use as a basic prime coat/sealer prior to paint.