I just replaced mine. It got whacked and took out the t-case and the front driveshaft's CV joint. I thought that I would be able to straighten it with a sledge, too, until I took it off. It's too thick and it has a stamped crossmember in the center.
I got one out of a junkyard for $65. If they pulled the engine, tranny and t-case, chances are that the skid plate just laying in the back of the Jeep. Mention that to the guy at the junkyard and the price may come down since they just have to go out and pick it up.
I used a motorcycle jack to lower and raise mine, which was really nice. The job could have been done without it but the jack made it much, much easier. You'll also need to support the tranny with another jack or something as the trans mount attaches to the skid. The back of the trans and transfer case will drop WAY down without support, pivoting down on the engine mounts.