yeah, giv eit a try. it is possible the rim may crack when you bend/beat it back and then it is dead. but if you're gonna throw it out anyway, it's worth trying.
on our TransAlp one of our riders had a bad wreck and the bike basically fell off a cliff and fell 30ft and landed on the rear wheel. needless to say it was damaged. but we were up high on a mountain at a hut and needed to ride it down, so we used logs and whatever we could find and beat the rim back into rideable shape. it worked. check out the photos at
http://home.pages.at/transalp2003/ --- about 2/3s down the page - the photos in the dark. i am the guy with the Red fleece on. here's one of the photos: -actually later we set it on a metal corner and i swung the log like a bat which worked really well, but no photo