That would be my approach, but probably only worth it if claimed off the other party insurer.
I had £850 on my BX, bought back for £68, spent about £150 on fixing it (£120 of bashing and secondhand bumper, £20 on scrapyard front wing, new indicator).
On my Xantia I received £650 in lieu of repairs, instead of writing it off. This took some discussion after it transpired that insurer did not want to insure write offs. Cost £15 for some glue for the bumper, £7 for paint aerosol (never used), £27 for secondhand towbar and shipping it, eventually £120 for towbar fitting as I didn't fancy it with a knee injury. It still has a dent above the wheelarch a bit like the picture starting the thread.
But receiving say £500 or so net may not be worth it if it comes off one's own insurance, loading the premiums up a bit for the next 2 or 3 years.