Fix it, and save the money for the day when you scratch your rear bumper. Or simply get a new non-M front bumper and reuse what isnt damaged on your current bumper if possible.
While I love the front bumpers on the M3 and M1, I do not think the M front bumper on the Z4 is worth the extra money. There is nothing wrong with it, it is just that the non-M one is already great. That is, unless you feel your color does not match well with the two gray 35i inlet surroundings. With the M-bumber you get a wider and more aggressive look from the front, but you loose that lower "lip" which also looks great.
But I like the rear M rear bumper a lot. It adds a diffuser and I think it is easier to change as well.
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