Supposedly, "Expanded" Polystyrene foam is essentially open-cell, and will take on water, so you'd need to patch any Wavestorm dings.
I would suspect that bumps & such on the bottom could potentially impact the functionality of the board far more than a bump/repair on the top. Because that's the part actually making contact with water.
The good stuff about a Wavestorm -- 1) It's very cheap; and 2) If you buy from Costco, they have very liberal return policies. I would attempt that before attempting any repairs, unless you bought it elsewhere.