You will no doubt transfer the load elsewhere. I had a wheel up against a rock unknowingly, and tore the welds on the mount for the steering ram that is bolted to the front axle. Luckily it was put on with a really crappy weld or it would have torn the tire's sidewall, or broke something else.
I have one of those 12 ton bearing presses from harbor freight that I used to mostly straighten mine .the only down side to the press is it is not a pass thru ,but running on a diagonal it will still work.
Back when we sold these things we had more problems with bent tie rods by far on the 300 series tractors. We drilled some holes in the tie rod put a hunk of bar stock inside of it and then plug welded the bar stock. That solved it.