As far as the current wishbones are concerned, it is a bit of a grey area when the MOT man states that there is corrosion, but structural integrity is intact....
...current VOSA regulations doesn't allow what I would consider a proper check of the structure, which would require a good poke with a sharp screwsriver (which the current owner probably wouldn't be over keen on either).
Put it this way, the first elan I bought had rear wishbones which had passed an MOT, but when i had a good poke around, i found that one had been 'repaired' with fibreglass and hammerite.
I was lucky to be at the point where the stainless ones were just going into production, so I fitted a pair of them (without any problems since).
When I swapped the 'bones out, the drivers' side one was rusted through extremely badly, but it had been covered over so the damage didn't show....
... that said, i have since seen others which looked really bad (on the car) but once removed, cleaned and rubbed down, only needed minor welding in a couple of places to make them more solid than original. Once painted with POR15, and given a dose of cabity wax, they are fit to serve the owner for many more years to come.
The front lower wishbones (more correctly, Track Control Arms) on my red car were repaired with welded plates before I got the car, and are still going strong (10 years).
As such, repairs are possible, and will last for a long time, if done properly - but replacement is undoubtably better.
A member on here (Jeemy) is currently looking into having a batch of front and rear wishbones produced, and the pjoject is fairly neer completion, so may be a viable option.
Bottom line, is to see just how bad the current ones are - and only a really good examination will tell you the answer.