Be sure to get 2K clear coat or the rattle can base can start to fade from sunlight, among other things.
Rustoleum Midnight Black Metallic will match your flares real close. Most trouble you are going to run into is getting the flares off w/o breaking the mounting studs They're tiny and when you start to turn the nuts they like to break. Rustoleum makes a paint that's real close to that Victory Red. If you don't want to spend a fortune on Duplicolor. With their expensive cans with very little paint in them.
Gonna need a real Mig welder to get the current low enough to prevent burn outs. Flux core will just make a mess.
I've thought about using some thin aluminum and panel bond over the holes. Then go on eBay and buy some red vinyl wrap to cover the seams. Won't be perfect, but spending a week and a bunch off Benjamins on a salt belt body will be frustrating. Because it'll start to rust again, soon.
Since I live in WI, I just ignore it on my ZR2 and other beaters. Unless the car will never be driven in winter. Which this year has been close to 9 months. Last summer we had a drought. This year in mid June I'm still wearing sweatshirts and rain gear because we haven't really warmed up fully and it rains almost every day.