Personally, I’d “do it right” the first time. If it’s too big an area to fix properly from the edges of the round hole, I’d cut away the inner skin to do the repair. I’d Repair the void with the appropriate density foam or balsa, not rely on penetrating epoxy to fix an area I can’t inspect.
if the OP can thoroughly clean the skins from access at the edges of the hole in the panel, then his approach of sliding foam with thickened epoxy into the void is fine. But if the skins aren’t cleaned of all mold before the epoxy is applied,, the skin will delaminate from the new core, and the repair will fail.
I’ve made core repairs where I cut away an inner skin to replace as small an area as 6” x 6” of rotted balsa core. Yes it’s more work than Injecting resin , but it’s a repair that’s “good as new”, not just “good enough”.
IMO, injecting a epoxy through holes drilled in the skins is a good way to reattach outer skins to dry core, but it’s not a reliable way to repair failed core. There is simply no way to ensure that you’ve done a thorough repair Because you can see the damaged core. You have no way to know if you got all the damage fixed. It’s guesswork and wishful thinking. The only way to know for sure that a core repair is properly done is to open up the area and replace the core, IMO. Or at least inspect the area by endoscope. If you can’t guarantee the repair will hold up, it isn’t wasn’t worth doing that way, IMO
From a cosmetic perspective, I don’t see much difference in the final outcome, if you know what you’re doing. Drilling holes for penetrating epoxy will leave a visible repair unless you’re a professional. so will cutting the inner skin away. Both repairs require fairing and a cosmetic topcoat for the finish...
It helps to have a friend with experience show you how if you’re a newbie.
YMMV,
JudyB