In case you were curious, I've opted not to repair the bonnet where I had two places of chipout. Time and vibration as well as the rivets caused the bottom 1/4 inch of bonnet to chipout around two rivets.
I am opting to put extra butyl around the chipouts and put in new rivets.
This daily driver won't be on the road much and I'm comfortable that the rivets, butyl, vinyl, and chrome trim will be enough to keep the bonnet from coming up.
Personally, I think the bottom edge should have more reinforcement than just 1/4 inch of fiberglass or it will just chip out again. Bondo is too brittle to use long term.
Besides, this gives me the excuse to change out the roof in a couple of years once I save up enough for a decent paint job.