The red line is just an exagerated guesstimate.The actual amount that it needs to be bent is prolly less than my little red line.I know a propane torch won't be enough,but i think an oxy setup might do it.Not that i have one in my garage.The only proper way is to cut and reweld, I think the pipe may kink if you tried to bend it.
Sadly you should probably remove it from the bike to "fix" it. You can fill the pipe with beach sand then bend over a pc of firewood, the sand supports the tube. You can take it over to a local exhaust shop and get them to stick it in the tube bender, actually most metal fab shops have one, its a $10 job. Or you can find an acetylene torch and heat it and bend, be a bit careful you need the outside of the curve hot enough to stretch and the inside to shrink a bit.
New one should only be about $400?