I had a similar issue on my Mk 2.5 Euphonic. Masked the corner up and rubbed down the small area. Prepped and used several thin coats of brush touch up. Flatted off and buffed up the whole lid. Satisfied with the result using the Mazda touch up pencil. I think the secret is thin coats and fine wet/dry papers/rubbing compound. For a larger area Halfords can mix the paint in a spray can. Good colour match.
I have thought about just living with it, but I keep looking at it, and I know I will eventually try and tackle it, but as you say if it goes wrong it could look worse, I might get some paint/spray and test it out somewhere where it cant be seen, maybe under the boot lid, to see how the colour matches, if its ok then I will give it a go.
There are also a few other small areas I would like to tackle as well, depending on the paint match.
For such a small area brushing will be preferable to spraying. Cleaning away the corrosion will stop it traveling further. If the repair looks worse than before you started why not add a stick on chrome strip along the boot edge. If you hate chrome then black or carbon fibre.
By the time you buy the paint, the lacquer, the sanding pads, cleaning wipes, polishing compounds it is a bit easier to just buy a second-hand panel. Also to paint you need a temperature of at least 18 degrees. Good luck!