Re: Paint chipped on hood last year.. now rusted?!
I just had to fix the same thing. Mine was deep too. I sanded it down, then added a little bit of body filler due to how deep it was. There is no way paint will build up to that level. Then sanded it smooth, and with blue tape sectioned my repair in about a 4" square. roughed up that whole area, sprayed on some self-etching primer. Added 2 coats of factory color paint. un masked and lightly feathered it in to the rest of my hood. If you reallly look hard you can tell but it blends pretty well.
If you need body color paing any good automotive paint shop can mix it and put it in a spray can for you so you don't need a gun to shoot it.