Well, that was a unanimous round of responses. Looks like I will be replacing my trailing arm(s).

The rest of the car's underside looks good. My axle boots are worn but not cracked yet. I live in Seattle, but I bought the car from Nebraska and I believe it was previously somewhere on the east coast.

Anyone have some good trailing arms for sale

Also, would it be easier to just drop the entire sub-frame and replace while off the car, or swap them out one side at a time? I'm leaning toward the former since I need to do the sub-frame bushings and other bushings and possibly the axles as well. On the other hand if it is as dire as it sounds maybe I should swap in a new arm asap and work on the bushings and other replacements at a later date.