Mr. Ford Guy, I have read all the previous replies and no one has mentioned that you will need to heat ( if you decide to go that route) the channel in 3 places. In the middle where the jack is and where it is welded to each of the side rails. Tough to do with just one rose bud. After having worked in the Mechanical Dept. at the railroad for 30+ years, I have straightened more bent metal than I care to think about.
It has been my experience that if the object is connected at 2 locations such as this it will be bent in 3 places, once at the obvious bend and at each anchor location. Of course there may be more bends, depending on the amount of damage. About the only time you will have 1 single bend is if there is only one or no anchor point.
It would probably be easier and quicker to replace the channel. Don't know your experience using a cutting torch or welding, but there would very little weld that would need to be cut and welded back on the replacement piece.
Just my thoughts
David