The alternative is replacing the axle. Consequently, it looks to me like you have nothing to lose by trying to straighten the axle without boogering the threads. I've not been successful in doing that to my satisfaction but maybe I just haven't tried hard enough.

What kind of rear hub? In the days of freewheels, bent and broken rear axles were semi-common because the right side bearing was located so far toward the middle of the hub. Cassette hubs are much better in that regard.