Trailing arm question





The front bushing needs replacing if its worn out or dry rotted that allows excessive travel torsionally, vertically or longitudinally
The bearings need replacing if they grind, howl or have excessive travel in any direction other than rotationally.
Look for rot in the arms at the end overlaps and pinch the metal inside around the axle flange area. These rot from the inside out and if you feel any bulging they are no good. The overlaps should be flat.
There will always be play in the front rubber bushings but you can shine a light in on them to see if they are dry rotted. Look on the side on the arms for any signs of impact, where an alignment shop bent them during an alignment. Look at the strut rods too, they should be straight.
Look at the rotors, if the rivets are in place then most likely they are untouched and at 40 years old will need to be rebuilt.
You can do the common rocking of the rotor at 3-9 and check for bearing play but I like to move the caliper out of the way and grab a wheel stud and he how my play there in by pushing/pulling on it. At 003" you can see and feel movement. They should rotate smooth without any noise or roughness.
Here are some pictures, extreme in some cases but they should help you






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