Mike,
I don't think you can return it---as Apple has a policy on a minimum number of dead pixels applicable for a return policy (7 dead pixels qualifies, I think)---but you can certainly try since your dead one is, as you say, right in the middle of things.
Aside from "massaging" the dead pixel area, you can also try playing a video, that supposedly "un-sticks" those affected pixels by calling them to do rapid changes. It involves continually playing the colors Red, Blue and Green in a loop. You can find that video, called "Stuck Pixel Fixer" here:
http://www.psp-vault.com/Article168.psp
Hope this helps you out.