Originally Posted by
cny-bikeman
You might want to just leave it, unless the fork interferes badly with the pedals or if the handling is squirrely.
+1, leave it alone, it's only slightly bent and will probably ride fine with a new fork. A
skilled mechanic might be able to improve it, but you're better off leaving bad enough alone.
This was very common back in the day, and bikes like this could be ridden for years in this condition, but it's a permanent weak spot, and eventually the tubing will fatigue there. The bright side is that these frames are very polite and take a long time to finally let go, and will give you fair notice with visible crack formation starting at the ripple, and slowly over hours, days or even weeks propagating around the tube before it finally lets go.