I had a khuk restored by Dan Koster. It looked more like a corkscrew than a khuk. If memory serves me he heated it with a welding torch and straitened it. If you do something like that then you can reprofile the blade and re-heat treat it to something usable. So yes it is very doable, with the right expertise.
Here is Dan's link;
http://www.kosterknives.com/home.htm