Personally, after years of trying to get it to work, I've shied away from bondo for anything other than smoothing out the surface. I find it doesn't work so well as a gap filler. It's not even designed as a gap filler for it's original purpose, but to smooth out the surface so your paint job isn't all wavy.
For small pinholes, bondo works fine, but for anything larger, I would advise against it. Bondo (or any other automotive filler) is designed to be applied in a very thin (less than 1 mm thickeness) layer. Anything more than that and it becomes brittle and damn near useless. Plus, it has shrinkage issues.
Just my personal experience over the last couple of years, both model building and automotive.
-Fred
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