Here's a PM sent to me by a member on another forum (many thanks, Eric!), after another such discussion; I've found it excellent advice:
Straightening a dent on a lens ring is like pounding out a dent on a car. My first inclination would be to get behind the fender and pound on the dent with a sledge hammer, but a good body man would lightly tap around the perimeter of the dent with a light-weight body hammer, forcing the raised metal down while pressing the dent out from behind. At least thats the way they did it when fenders were heavier steel, and before bondo.
On the lens, I first put a layer of tape, like electrical tape, on the outside of the lens to prevent any cosmetic damage. Then I put the spreader-vise on the lens (be careful to match the grooves in the vise) and tighten until its snug, then tighten about a half-turn more. This will make the lens ring slightly oval shaped, with the dent still depressed. The objective is to gently tap on the outside of the lens ring, on both sides of the dent, to reduce the oval shape.
I use a 2-oz. ball peen hammer with duct tape on the face to soften it, and swing gently with wrist action. Dont use much forceuse wrist action and let the hammer do the work. Hold the lens in your other hand (to help absorb the blows) and tap on both sides of the dent. After about 10-20 taps, you will notice the spreader-vise getting looser, so tighten it back to its original tension, and tap another 10-20 times to the side of the dent. The spreader-vise moves the dent out, and you tap the surrounding metal to reduce the oval shape.
Ive also tried the pliers, but in every case I messed up the lens worse. The pliers apply force in one small area, and the lens ring with have undulation showing where you applied the pliers. The spreader-vise always works better for me.
BTW, if you do pick up one of those vises, you'll feel a bit ripped off at first - the thing is small and flimsy-feeling. It does work, however. The maximum spread is about 3 3/8". If you look carefully at the picture, you'll see that it can be used for smaller lenses with the top of the jaws, and larger ones with the bottom. Good luck.
Charley