The configuration of the hood cross brace on your truck is different than the one on my '53 F-100, but mine was damaged when the hood flew open on the freeway. I ended up finding a donor hood and I replaced the entire cross brace. I suspect that you will either have to do the same, or take yours off and hammer it back into proper shape and then re-install it. My auto body experience is limited, but I do not think that yours can be repaired without taking it off to work on it.
It looks like somebody has re-welded those braces at one time. As jvmcc suggested maybe because the hood flew open? You don't show the outside of the hood, was there any damage evident there? If not then the question is does it bother you enough to want to heat and rework that brace. Obviously the hood will have to come off for that. And you will probably end up having to repair the hood surface after you get things straightened out.
There are guys on here with a lot more body work experience than I, but if I were determined to fix it I would remove the hood, put a flat plate under the spot to be repaired, heat the brace distortion with a torch and hammer it straight. That may sound easier that it really is. Somebody else may have a better solution.
It all depends upon your build plans. If you are building a show truck then you should fix it. But if it is structurally sound with no flex and you are building a daily driver then there may be better places to expend your energy. IMHO just clean it and paint it.