Rocky, with what little rust you're dealing with I would be very hesitant to replace that panel, unless there's a lot of damage on it. Replacing the panel has it's own drawbacks and you can create even bigger headaches if you don't know what you're doing and you're not careful. And it's a lot of work.
If I was you I'd patiently work those dents out and deal with the stretched metal before you hack that panel off. It really doesn't look that bad.