You won't get very good results feathering the clear and blending new clear into it. You could do something like that but to have it come out decent you'll need to feather, then scuff the whole panel, blend new base coat past where you feathered, then clear the whole panel.

Mentioned about though, is if the clear is pealing, it's not really a good idea to paint over it without really making sure what's under your new paint is stuck good. If you commit to doing the whole panel, take an air gun and use it to get under the pealing areas and it might really surprise you how much comes off with just a little air getting under it!