The biggest issue you'll have isn't the strength of the fender, that will be fine no matter where you cut and weld it. The most important part is to make sure the fender keeps the right shape. So as Topcat mentioned, the alignment is key. Also, you're going to want to avoid warping the metal, so don't overheat the metal or work too long in one area. Making the welded area longer can help make the alignment process better, but also keep in mind the more welding you have to do the more likely the fender is to warp too.
I've worked on a few grafted fenders, and its hard to keep things aligned and warp free. Looking at your "good" fender, I'd be inclined to fix it rather than graft two together. But that's just me.
Good luck with your project!