Lower control arm replacement?

My lower control arm on the passenger side, rusted into and broke while I was turning around. This also twisted the axle out of the CV joint.
I was planning on replacing the lower control arm, axle and CV joint.
Considering the car’s age and value, some have recommended that I only replace the control arm, repack the bearings, and just put the axle back (after cleaning, and re-packing the bearings)
Again, although this is only a $500 car, I am considering replacing all three parts. It looks like I can get all three parts for around $300. I’m pretty sure the mechanical competence level of my buddies can get this done under the shade tree. I believe the biggest problem will be the ball joint and then of course I’ll have to have it aligned.
The other side is not anywhere near as deteriorated. Or honestly, I would consider replacing that side also. This is a standard transmission SES model and I do drive it like the sporty little car it is.
So, if you had a car, that’s old that you love to drive. What would you do?