I started working on the area today. I polished with Meguiar's ScratchX 2.0 to get the red paint and the smaller scratches off.
[IMG]Untitled by Tyler Power, on Flickr[/IMG]

Then, I got some of the two stage paint for $25 total directly from Toyota for the major scratch. According to the dealership, the second stage is clear with the metal flake. I got all of that applied, and I think it turned out really well.
[IMG]Untitled by Tyler Power, on Flickr[/IMG]

Even in direct light it matches perfectly as best I can tell. The only thing is that it doesn't have quite the same sheen to it. I just have to wait 3 days to polish the area and then another 30 to wax it. I think that will make the sheen match nicely.