That bulkhead is somewhat structural, so it certainly needs to be repaired properly.
Fairly easy job though... Google some "fiberglass boat repair" type stuff and you'll see how it's done.
A quart can of resin and a some glass cloth shouldn't set you back more than $30 or so... and is available at any hardware store or Home Depot type place. You'll need a grinder (or LOTS of elbow grease with sandpaper) to get rid of the gelcoat and clean up the broken area.
With fiberglass repair, the resin in the "patch" will actually start to soften and then bond with the "old" resin... so the repair will end up just as strong as the original build... looks, however, will depend on the skill of the finisher.
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