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Why not just buy a new one? They bolt right in, and are only about $160 or so. Assuming yours is rusted on the lower compound corners, a patch will most likely end up looking pretty ragged. http://store.yahoo.com/zipproducts/zip-bu-318.html
Keith, trust me, I know how it all add$$$$ up. On my '69 there was a hole in that support, at the lower corner on the drivers side. I took it to a really top-notch fab shop to see if they could fix it. This guy can work miracles. He told me to replace it. He said that no matter how much time and effort he put into the repair, it would still be noticable and it wouldn't look too good. The different radius bends don't lend themselves to an easy repair.
I know of a source for this part at a better price. IM me for details, since we're not supposed to post info on non-supporting vendors. I paid around $145 for mine last winter.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.