Dan,
IMHO I would pay a bodywork shop to do it.
You may have seen a little while ago my own attempt at sorting out a rusty wheel arch. I did an ok-ish job of filling and sanding but it still didnt look correct and coupled with the fact that when I resprayed it, it dried and looked awful. And because you have to try and ''feather'' the spray (blend it with the existing paintwork) you would have to cover a bigger area than the affected penny-size rust spot.
Mine has just come out the body shop. It cost £200 + VAT. However, for this the guy reshaped the wing and wheel arch where I'd filled it. He then reshaped the bumper where I'd caught it with the sander

and then resprayed the bumper and the wheel arch.
A beautiful job he's done! I will post pics if you're interested.
Anyway, my point is that if you get it wrong it could escalate in to a world of problems.
Shop around in your area and get the best quote from the guys that give you confidence with what they say.
HTH
