I have patched and doe the full floor pan. Definitely prefer the full pan. When patching, I choose to overlap. This is how Ford did it. Itís faster, easier and if properly sealed it will last a long time. I found the patch panels never match up to the existing pan correctly. Trying to get a perfect but weld is near impossible without a tremendous amount of work. Your idea of overlapping then cutting to be a clean seem sounds great, but I couldnít get it to work well. The replacement pan doesnít fit down tight against the original floor, so getting it lined up right is tough.
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66 200 coupe Blue
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98 GT convertible White & black
98 V6 convertible White & tan