I agree with you on some points Neil, especially about the original quality of the wheel... which is precisely why heating would trouble me.Try to beat it back into shape or manipulate it back using hydraulic pressure without proper jigs and formers and it will most likely crack the wheel .
It is not a top quality item it is built as light as possible and as cheaply as possible in a factory in China to maximise BMW's profit margins.
Get a specialist to do it properly or replace it .
I've been to two companies in the past one of whom used to repair and straighten wheels for the Porsche Cup cars amongst others and the second who was trusted to straighten and repair police patrol car alloy rims and both of them had very professional looking jigs set up with interchangeable formers and they said that in some cases the repair could be done cold in others the rim had to be heated to stop cracking .
If it was mine I would speak to a professional and take their advice as a front wheel failure at speed is not a pleasant thought or just get a local tyre monkey to beat it nearly straight its your choice .
As for beating it into shape that would harden it even more. The only way is with a hydraulic press... and yes the 'good' side would need some support, but the dent would need localised pressure - in all cases you'd need something the to spread the immediate area of contact and protect the finish.
It's a gamble. It might crack. But because of the costs involved it would be daft not to try. I really wouldn't heat it though.
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. As per Mike Rocks at the start, I'm sure it's fixable.