The short answers are: yes, you can straighten a bent mast and yes, you can refit with a comp tip. However, in your situation, I don't think they are mutually exclusive. Your mast is bent below the tang and can/must be straightened whether you install a comp tip or not.



Straightening is not a difficult process although from your description you may have two bends (one above and one below the tang)? Center the bend between two supports, apply pressure (you can use main sheet system) to reverse bend using a 2x4 or the like to spread the pressure on the bend side, go slow and check your progress often. Quite a bit of reverse bend will be required but, of course, don't over do it. The mast section is very strong and only a good kinking will weaken it.



The comp tip solution has several disadvantages: You have to cut what is, essentially, a good mast. You have to buy the comp tip kit (no longer free from the factory). The alum to comp tip kit is kind of dorky (2 big screws throught the side of the mast). You may need a new main halyard.



In short, if you are going to sail recreationally, straighten the mast or just live with it. If you are going to race you will have to (eventually) spend some bucks and do the comp tip conversion or sell off your mast and buy a new comp tip mast.