[califas_1987]

So I came out of work today to find that some jerk backed into my stang. No major damage, but the a'hole did leave a quarter size hole in the bumper cover, along with spider web cracks in my paint and slightly misaligning the driver side of the bumper cover.

So I am left with two options (I think only 2 options, but please provide feedback)...

1) report it to insurance, but...
a) I didn't file a police report, although I figure I could still do it
b) I think my insurance will go up and I get screwed on the long run anayway
c) I have a 500 dollar deductible, is reporting it even worth it? I figure the cost of repair would be more than 500 bucks if I take it to a shop, but still worry about higher insurance payments

or

2) Fix it myself...
a) I'm comfortable doing body work, have done it several times in the past
b) What would work best to fill the hole in the plastic bumper? I was thinking fiberglass resin, or bondo
c) BUT how can i make this repair last? Bondo or fiberglas arent the best for plastic bumpers, right?
d) I have a Mineral Grey Metallic color. My biggest concearn is, where should I buy the paint, and how can I make sure I get the best match and shade?
e) Should I buy the paint that I can mix and spray from a can, or go all out and rent a compressor and paint gun? My dad has a small compressor, for like a nail gun, that probably wont have enough psi, right?

I would really appreciate some feedback, from body work gurus, or from some of you who have insurance insights. Right now I'm just trying to get past being p'd off, and the best way for me to do that is by fixing it ASAP. Dude, didn't even leave a note X(