I'm replacing the liner on my about 18 year old above ground pool and came across this nasty rust spot.

It looks like it was taped over before the previous liner was installed and it just got worse. In fact, the last liner was extremely thin where the rust spot was even though the liner just had a small hole that I had patched. I was thinking about getting an aluminum sheet metal square and just using foil tape to secure it to the wall to protect the new liner over all the rust. I know I need to sand the rust down but I am afraid it might weaken the wall. There's also a small pin hole on the outerside of the wall but that's all you can really see on the outside. What would be the best way to go about this?

It looks like it was taped over before the previous liner was installed and it just got worse. In fact, the last liner was extremely thin where the rust spot was even though the liner just had a small hole that I had patched. I was thinking about getting an aluminum sheet metal square and just using foil tape to secure it to the wall to protect the new liner over all the rust. I know I need to sand the rust down but I am afraid it might weaken the wall. There's also a small pin hole on the outerside of the wall but that's all you can really see on the outside. What would be the best way to go about this?