Then you're going to get the problem of pushing / denting polys out the back of your ship. A problem which goes away if you perform a boolean subtract type operaton. Which you can still use to perform your dent effect by using a shallow cone shaped blast geometry.
The problem with this method is that you generate tons of extra geometry. Think back if you ever modeled anything. Boolean subtracting even a simple plane gives you a mess of triangles to deal with, and cleaning those up isn't a whole lot of fun.
The only real solution I've seen is a voxel type technique which utilizes a set of voxels to represent polygons in a mesh, which are then deformed/removed according to some physical properties. The downside? Don't expect to run it on anything less than a multiple processor system (in real time).
Red Faction used a simplistic CSG subtraction method, and placed rather severe limitations on what could be done. Most of the trouble lies in how to reorganize your mesh data for efficient culling after it has been deformed, not to mention the actual CSG implementation. Then you also have to reorganize AI pathfinding to account for the fact that a portion of the mesh is missing/altered.
The best that FS_Open could hope for is perhaps additional LODs that are damage models. Even then there are significant hurdles.