For that amount, I might consider having it repaired, as the cost of repair should be considerably less than $1,000. I would expect a repair of this type to run $300 at most (just an estimate), as it would involve removing the lens elements, repainting or removing the paint and then reassembling the lens.

Once completed, you will have a lens in a condition that would have cost you quite a bit more. That's how I would look at it.