Appears familiar to me,so,the thickness of the cheese layer signifies a much larger problem.
Stopping rust on a 914,a tall task,so,to just make the spot repair,wirebrush,sandpaper and treat with a rust converter.
A tablespoonful or two of the polyester cheese filler and you're good to go.
Until the next zit pops up,like a teen hormone,if you think you have problems with blemishes,have a look at this:
https://www.google.ca/search?q=fiberglass+b...zYdHX-I2vznM%3AThe polyester is the same muck,and is a migratory path for water molecules,so prepare the substrate with chemicals to remove the rust first,
seal with an epoxy primer or cold galvanize then the epoxy as a base for primer/filler,for a total scale restore.
A series of perforations along the entire wheel opening is a probable scenario,like in this local neighbourhood,still salt encrusted.
Like the sizeof an iceberg,there is so much more under the surface,a gigantic measure of FeO,adhered to the precious metal skins from Karmann.
Your quixotic challenge then,if you so choose to take it,is the solving of the great 914 rust question,an open ended path of many hours,days even years.
Good luck,the path is well worn by those here who have gone before you.
Fare thee well.
/