I would just bend it back cold. There is no real need for heat and any real heat will ruin the chrome and any paint nearby.

It's hard to say for sure without seeing a photo but I doubt you'll need to replace the dropout. I say this because I can't tell you how many I've bent back over the years and they work just fine. There are a few tools that one needs to do the job well/right but it's not hard work.

Post a few photos and I can tell you better,

dave