Ouch. That's a big spot. What color is your car? That's an important issue. If you car is very dark or flat, you might be able to do a somewhat passable job with a superb touch-up job. If it is light/metallic (espc. arctic silver) you will have a much harder time. Metallic silver is notoriously hard to touch up.
Frankly in such a visible place, I think you may just need to repaint. But if you do touch-up, you might want to try the Dr. Colorchip system, which I've found to work great for small areas on dark surfaces.
Also try your local paintless dent repair shop -- they can often do touch up to an acceptable level.
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