bent bit or wrecked router?

I was preparing to rout some new inserts for my TS with a laminate bit. I put my new router fence on to collect the mess. While checking the clearance of the bit to fence, the bit appeared to be bent.
I assumed the bit was bent but decided to check my router anyway. The best thing I could find to check the runout was a new 1/4" Rotozip bit. The runout measured .001" right near the collet. Is this acceptable for a barely used PC 693VS (the manual says nothing)?
Is there a way to tell if a bit is bent? I also noticed that this bit (Oldham Viper) only has a 3/4" shank. The manual also says nothing about minimum shank length, but I am assuming 1" should be the minimum for a decent bit.
-- Too much is not enough!
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