be glad it's a little down and not a little up. i'd fill that little bit with some long fiber filler, it's mostly fiberglass and will seal any water intrusion from the bottom. follow with a little filler
for the bottom of the seam, i'd have to see it. if it bothers you cut it
i sectioned a 1989 chrysler trunk lid 8 inches to fit truk bed. the trunk lid had a very similar down pucker, i did a similar fill and have never seen any ripple or shadow of the section job. this new metal was probably half the thickness of your hood, 20-22 gauge steel. it was tough to weld with fluxcore wire. i can see why they glue body panels on now.