A friend of mine swears by the Freezer method. He's done it on his modern KTM300 and said it worked great. He told me he plugged one end (didn't need to be a high pressure plug, just water tight) and filled the whole chamber with water and plugged the other end in a similar fashion. Put it in the freezer for a few hours and let physics do the rest. As the water freezes it expands a bit and slowly pushes outward on the pipe wall (as seen when you put a bottle/can of your favorite beverage in the freezer to cool it down quickly and then forget about it). He told me that he froze it once and it got the majority of the dents out most of the way. He repeated the process 2 more times trying to get it looking perfect and on the third run the pipe split on a seam. His advise to me was to use this method once only, and maybe twice if you're game, to get the dents out as far as they will come "practically". Apparently when he split on a seam (3rd time in the freezer) it didn't explode violently and get wildly out of shape & he repaired the split quite easily and neatly. I think that once a split pipe it de-frosted and drained you just need to close up the split (maybe using a large hose clamp) and then weld it up like a crack.
I haven't used this method myself yet but I can vouch for my friend, he knows what he's talking about and he has done it before. It made sense to me, sounds easier and safer than air pressure and heat, "Safer" only if you're wife isn't going to kill you when she finds an exhaust pipe in the freezer.
Good Luck