Fibre bubbles are a pain because of their inherent thickness. the amount of filler needed to blend them is...extreme.
Id rivet and bond with a hard setting adhesive then fiberglass then filler. Sounds complicated. If its flexible you'll get distortion in the finish, over time as the steel, fibre and filler expand/contract at different rates due to temperature...trust me been there suffered that.
Make sure the wheels are in the right place before measuring for bubble location. especially if you intend adding lots of caster as the wheels could move 20- 30mm further forward and clash with front of the arch.
As for the welding, the odd blow through is to be expected, new steel and 40 year old steel never quite mix. I weld runs of 4-5 spots, each one started after the last reduces its glow and overlap the previous weld and the new...seems to minimise holes. I use copper as a heat soak and hand burner.
What gauge is the new steel?
Cheers
JP