Easiest way is to find the best matching paint you can, rub down and thoroughly clean the patch then build up with several fairly thin coats. If you use a filler other than on a very deep hollow or a rough surface you risk a slight hummock that will show if it catches the light. Other might not notice but you will!
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I am presently servicing our club’s loco, a Ken Swan replica of the Kerr-Stuart ‘Wren’ class.
I apologised for the very slight colour mismatch between the last full re-paint and my “Halfords Green Number-summat” touching-up round the rusted base of one bunker. Someone said, “Don’t worry about it. Do the best you can. It’s a quarry loco, a work-horse and anyway on the track that bit’s only six inches off the ground!”
Similarly with workshop machinery.
I made a fair job of brush-painting the overhead-crane I built from scratch, but it’s still a tool.
The only machine I did wire-brush back to metal is a small Denbigh milling-machine clarted with “1960s Bathroom Green”; finding the casting might originally have been some sort of smoothing coat. I just used Primer, General-Purpose, then Gloss, Light Grey, GP; all from Wilco. I don’t think household-grade paint is fully impervious to oil but it looks reasonable and I want this machine to cut metal, not show up the neighbouring, somewhat chipped grey Myford mill and very scruffy Harrison lathe of unknown original colour.