Being an N.J. vehicle I'm not surprised to hear about the suspension rot.
What sort of condition are the brake lines to the rear in?
The car belongs to you, it's your call if you choose to install coilovers, I'd be looking closely at the condition of the rear shock towers to see if they can carry the weight of the car......... seeing as they were never intended to.
The car doesn't appear to be *sagging*, if you wanted to keep the car at its present ride height then you could make use of the springs presently under the car, if you decided to *drop* the height then you are looking for lowering coil springs for the front & a custom rear leaf for the rear.
Replacement lateral arm bushings are available, entire rear trailing arms also available as well, *assuming* your present lateral arms are still in a healthy state that you can press out the old & in with the new.
I earlier this year went thru an entire front & rear rebuild, the route I took was *unconventional*, but it gave me what I wanted from the suspension.