pin holes are a pain... Gotta ask yourself if you have it fixed / painted and rust comes back in a year, how disappointed will you be for not putting on a new hood? if a daily driver and you can do some welding/paint then I would fix and save by cutting out the front edge of the hood and welding a new 1" wide strip in there. hard part will be blowing through the metal when welding if there is rust on the back side. Good Luck....
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