I don't think it's a substitute for putty. It is good for surface irregularities (like slight scratches etc) and smoothing things out for your final colour coat. It could probably be used for filling small gaps but not much more. If you've got the spray can, just spray it on evenly. However I haven't used the new bottle stuff so I could be wrong.
One other thing, don't spray Tamiya TS spray can paint over it. It takes about a week to be even start to harden.