The way I was taught and the way alot of people weld in a patch panel is depending on the size of the panel spot or tack weld every 1/2"-1" untill you have went all the way around. This will keep the area around cooler than anything and is also faster even though it doesn't seem so. After its cooled you spot or tach between each previous weld and continue these same steps untill it has a continuous stich around the perimeter, then let cool, grind smooth and your done. As for your preticular repair I'd spot weld three pins in the circle shape like a triangle and use a slide hammer and go from there, get it out and pound it back into shape if possible then use as little filler as needed.
HK