Today removed old trailing arm (will get some pics of how bad it was) and fitted painted replacement. Marked bolt heads prior to removal so there was a greater chance of geometry being close to right. Lot of faffing involved and took me all day to be honest. You really have to strip rear brakes down to get enough room behind brake backplate to get a 22mm hex socket on those four wheel bearing housing bolts - and trust me, they are tight.
Also, despite the brake pipes having been replaced in recent years, the unions simply wouldn't budge and annoyingly it required a new flexi hose and brake pipe. This pipe runs through a bracket on the trailing arm so has to come off. Handbrake pulled out of backplate nicely though - needed if complete hub and driveshaft is to be removed from trailing arm as one. Alternative is to disconnect it at equalizer bar.
Few things to do tomorrow (more bleeding and further handbrake adjustment) but having driven a little on the way home, the difference on that side was definately noticeable - very smooth over bumps and feels more positive on cornering - guess it would do with new bushes and no rot beneath bottom of spring.

Other side looks suspiciously similar (albeit less extensive rot) so will see what can be done on that side. I have to say, its a lot easier to remove a gearbox than mess with a trailing arm!