The '72 is on a hoist. My mechanic buddy and I saw that there are cracks in the trailing arm bushings. They are intact, but cracked. It would be a PITA to change them. Question: is this a bullet I need to swallow? The control arm bushings and ball joints are being replaced. The sway arm bushings are being replaced too.

Yep, PITA.  You'll have to pull the half shafts, brake calipers, ebrake hardware, strut rods, shocks, and probably five other things that I'm forgetting.  Then the trailing arms can come out.  You'll have to have alignment redone. 

As in most jobs Corvette, getting to the part is 90% of the battle.  The bushings aren't that hard to change.

Only you can answer whether or not it's worth it.  If you drive the car a lot, do it.  If there is visible play in the arm when you pull on it, do it.  They'll affect braking and handling more than you think, so if you have any doubt, go ahead and change them.

It's a good "might as well" opportunity for u-joints, new ebrake pads, etc...

Yes... I was afraid you'd say that. You confirmed what my gut was telling me. Why have it if I can't drive it safely?

If you are going to do the labor yourself, it won't cost much.  And it's a great opportunity to change every rubber bit you come across while you have it taken apart.  The car will feel better when you're done.  Not to mention handle a lot better!

I'm not doing much of the labor so this will be VERY expensive. My mechanic is letting me work on clean-up and undercarriage painting/de-rusting while it's on his hoist. If I had a buddy nearby who shared this hobby I'd do it myself. If I had a hoist I'd do it myself. I'd probably do the rear end but while so much is disassembled I'll let him do most of it and then swallow hard.

It's possible to do it on jack stands, but you'll spend a lot of time getting intimately acquainted with your garage floor. Dad and I did both of ours, including underside painting, on 6-ton jack stands. It's not bad work, and probably actually easier to disconnect the spring with the car that low. You can probably get away with leaving the exhaust on. Something to consider unless you want the girl to take a big chunk out of your wallet.

Tough choice. But I could use the $1200 labor charge. To be fair that includes u joints, all bushings, ball joints and control arm bushings. It had better ride better!

Actually, $1200 is not a bad price for the labor.  It's a substantial amount of work.  And a bonus that he'll let you under the lift to sand and paint. 

Too bad you're not closer, however.  I'd do it for a good microbrew.  (Just don't let me near your differential, apparently!)

Dang. Boise has a lot of good breweries. Id share a six pack for a job like this! I finished painting the black frame parts in the front third of the car last night. A few runs but it looks sweet. The mechanic said GM dipped the frames so the cars are not authentic without runs. Interesting.

Very few let you under a hoist for insurance reasons. I need to buy this guy a beer.

|UPDATED|5/21/2014 6:02:53 AM (AZT)|/UPDATED|

As was previously stated, yes do it while your that far into the repairs. If you wait and have to go back later to do it you will end up taking apart many if not all of the things you have apart now. Also as stated take a good look at all the joints while they are apart. As you probably already know, with a corvette one thing leads to another and another and another! It will make a huge difference in the handling and you will be surprised the ride quality difference. Best of luck.
Rodney