Well, yeah, that's pretty much it. Unless you want to replace it with a new or good used one, that's pretty much what any body shop would do. Their expertise and experience will be a little more than yours, of course, but that goes without saying if this is your first repair of this kind, but it's basically the same thing. Look at it this way. Chances are, you're not going to make it look any worse than it already does, so you might as well try your hand at it. You might just surprise yourself! Just take your time and have fun. I bet you'll do better than you think you will. Besides, if all else fails, and you aren't satisfied with your results, you can always get another fender and replace it at that point. If I read your first post right, you're getting ready to repaint anyway. Getting the paint finish to look factory is often one of the biggest challenges on repairs like this, but since you're repainting anyway, that part's eliminated.
...Oh, and the avatar. Well, that's Denali. He was a pup last July when the pic was taken, a couple days after he came home from the pound. Our previous two dogs were Kodiak & Yukon, everyone thought they were just nice Alaskan names. Truth is, they were named after GMC trucks. He's no exception. When we're both sittin' in the dump truck now, he takes up most of it! Yessir, he's a biggun!