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Not sure about Liquid Metal... But I have used JB Weld. It worked fine. I was able to sand it smooth and prime and paint. Body filler is known to act like a sponge so I chose JB Weld over body filler since the application was behind a rubber seal. Do not leave any trace of rust behind or the rust will grow over time under that precious paint job you worked so hard for!
As always though, it is best to replace metal with metal (the hard real stuff) if you can.
I have heard from many people that it reads through the top coat. Though I did see an episode of trucks where they used it to "shave" an antennea hole and painted over it after filler had been used. It looked ok on tv but what do I know.
I chose to use a welder to fill my holes so I cant tell you first hand
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.