Hey Jack,
You don't say how many miles are on the car! 12miles? 1200 miles? 250,000 miles?
Sounds like you have identified most of the problem, bushings and links. Don't waste your time replacing the bushings, replace ALL of the links. If your rear suspension is original and I would bet that it is, then it is past time to replace the "ball joint"/"swivel joint" that the rear wheel carrier and all of the links connect to. The 124 is a great car but at 21 plus years they do need some major suspension work. You don't say how the car handles on the freeway, does it get squirrelly when trying to drive in a straight line. Feel like you are always chasing it with the steering wheel? The german rubber will look good but be bad. If the suspension is original, time to rebuild it. If you try to do it a piece at a time, you will always be working on it and your alignment will never hold.