You can fill the hole with brass if you use some kind of backers. Those nifty knock-outs from electrical boxes would work well, but be sure and grind them down to shiny steel first. A penny was also a good suggestion, since bronze welding rod loves copper.
The bronze will melt at a lower temp than steel filler rod, so if those are your only choices i'd go with the bronze. Using either method your going to warp your hood.
If you have access to a mig welder that is what to use because although it is intense direct heat, it can be spot welded then cooled quickly which will help prevent warpage. No matter which way you go, use a backer to fill the hole instead of welding rod only.
Another option is lead/solder which isn't done much anymore but is can be done with much less direct heat on the panel which will limit warpage.
To sum it up, anything will work, but you need to choose the method that will do the least warping damage.