I've done both, to weld first stick the big opening into your car's exhaust and leave running for a few minutes, the more the better. Warm the engine first so it doesn't condense into the tank. then weld as you wish. If there's rot in the tank you'll only burn a big hole into it instead of welding.
I've also plugged holes as large as a dime using bar soapm, not any kind of soap but the kind used for clotheswashing. Lasted for 4 years without leaks till I sold the car.
But if it's going to receive stress you're better off welding it, any kind of adhesive is prone to failure, just make sure you know what you're doing.