If I was going to bend a lift arm, I would unhook one side and keep dragging the disk, box blade, or scraper. Other wise I would think it would be hard to do.
The arms on the M's are pretty stout. I've had an interference fit between the lift arm and my backup haybine before and all it did was bend the pto input shroud on the haybine and bring me to an abrupt stop...
... But if it were mine, and I was "wondering" if the arm were bent, I would just keep using it until something evident and drastic occured.
It's a tractor, things don't need to be perfect, and stuff fails and wear out all the time.
I suggest that such a bend will least affect draft work of any use, and that one could simply adjust the balls to position for the PEC and see what's up.
I also agree that Cat-2 arms would hardly be easy to straighten compared to our Cat-1 stuff, or a good investment in time & effort to DIY. (I used 20-T press for the NH CUT's same 'fix', .. just enough there, btw)
Kubota M7040, Kubota MX5100, Deere 790 TLB, Farmall Super C
The guys here are right and went out and looked at my "M" and compared it to my "L" Kubota. The m is much stouter and you likely would need a press to straighten it. A welding or farm shop could easily do that for you if you couldn't. Even so, I would lay flat on a big anvil if you had one and whack it with a sledge hammer. It may "bounce" up when you hit it so be careful.