I didn't post this before because I (& a lot of others) have posted how-tos on filling the holes. Plus RWDPLZ posted a link above that shows it pretty well, & the product he used had chopped fibers in it. But here goes anyway:
Grind the holes out with 24 grit disc a good inch around the hole tapering it out. Grind down until the area around the original hole is paper thin (the bottom of the crater). Tape over the bottom of the holes if you can. Chop up some fiberglass mat using scissors to around 1/4" to 1/2" length strands. Really just a bunch of loose strands is what you need. Use the 'Vette panel adhesive/filler & mix in the chopped fiberglass & once mixed, mix in the hardener. Work it in the holes with as much pressure as you can, then smooth it out. Once dry, you can run over it with the grinder to take off most of the high shtuff, then block sand by hand starting with 40 grit & going to 80 grit. You can smooth it with a little 180 grit once it's flat. If there are indentions, grind them out with the 24 grit (yes I'm "really anal" about the things I do lasting for decades) & fill them with more filler & repeat until flat. Feather the paint around the area with a DA or random orbital sander & then I prime with PPF DP epoxy primer for maximum adhesion (you can skip that if you're not anal

) & then prime with a high-build 2K type primer. Once that dries, block sand with 180 (wet or dry) & re-prime. At this point you should have a perfectly smooth flat surface ready for sanding & paint. I prime the whole car with the PPG epoxy as a sealer before painting (but that's another tutorial).
If you like, & can get to the back of the holes, you can grind the back with the 24 grit & add a thin layer of filler/chopped mat for some reinforcement.
If you do this right, you won't have the holes "swelling" or "shrinking" (or "puckering") & the repair will last - that's right - for decades.

~ Paul
aka "Tha Driver"
Custom Fiberglass Parts[This message has been edited by Tha Driver (edited 12-30-2011).]