The biggest key is that you want to make your gaps to be as small as possible. Welding a tiny gap is simple. Welding an 1/8" gap is hard. I wouldn't plan to do this project in a few hours. More like a long weekend.
Cut your replacement piece way big and trim it down a little at a time. Hold the replacement piece up and trace the line you need to reach.
But never ever ever cut exactly on the line. The idea is to trace a line and cut 2" away from that line. Clean the line off (Brake Cleaner) and draw a new one. Cut 1" away. Clean it off and do it again. When you first start out you won't be able to hold the replacement precisely in place because it's so big. So you take a little bit off and now you can hold it closer and get a better line. Each time you cut some off and redraw the line it's a better line, but
never assume your line is 100% correct. The longer you take and the slower you go, take a little off each time the better job you will do. The first few cuts will go quickly. Each cut will take more time. Eventually you'll have to switch to a hand file to get the last bit when the cuts become too small for your saw.
You need to make sure that the pieces line up 100% before you weld. If you think you'll be able to weld a little bit and then bend this or hammer that you're setting yourself up for sub-par work. You should be able to hold the piece up with 1 finger and everything fit nicely. If things aren't that nice, bend bang and massage them until they do. You should actually do this before you make the last few cuts because massaging the metal can potentially change the gaps.
When you finally get to the welding, do small sections. Move around a lot. I prefer gas welding for these sorts of repairs because the weld is softer and more workable. But MIG will work.
Anything else?
There's a thread somewhere on here with more pictures and a similar write up you might want to read.
Oh, and when you're deciding where to make the cuts look for where it'll be easy to work with. Don't try to make the smallest section as possible.
Have fun! Be sure to take lots of pictures so we can share in the fun!