How do you straighten a k-frame off the car? Is it worth it?

Is there anywhere on the K that appears to have a fold, wrinkle or other direct sign of damage? Broken weld other than the LCA tube?

Once it’s bent out of shape and you bend it back, the bent part will be a weak point.

Not necessarily true. If the metal isn't folded or wrinkled anywhere then it's not likely to be stretched. If the metal itself hasn't been through what is called "plastic deformation", then it won't be weaker. Just because the shape of the K-frame may be out of spec does not mean the metal itself was weakened. Steel can bend quite a bit before it passes the "point of no return" and is compromised as a material.