That looks like either a 5176 (3.5") or a 5169 (4"). I've got a 5176 with a similarly bent slide that I was trying to straighten last week. In retrospect I took a dumb approach, I simply set the slide across two bed plates and pushed down on the high spot with a 2" dia flat ram in a 25 ton press. Watching the air gap underneath, I got up to about 7 tons, the gap was closing but then I noticed the 2" ram had sunk into the top of the U channel maybe .030". Releasing the pressure, the slide rebounded back to about where it started but now in addition to the small flat spot on top, the channel had opened up about 1/16" too wide.
I spent a bunch of time with the press getting the width back to where it started, and still had to hit a couple of high spots with a flap wheel to get it to fit in the stationary casting. All in all, a complete waste of time. But entirely foreseeable, given my lack of properly supporting the shape of the U channel.
The slide on mine is made of what I'd call sheet, 3/16" thick, formed into a U and cast into the jaw. I don't think you'd have any problem with cracking or tearing it, the trick is preventing it from buckling out because then it'll bind in the base. I hope you have good luck with yours.