Another update:
I was talking with a few friends of mine and they suggested that I replace the bushing in the control arm, and not the whole arm. We got on this subject after I found out that getting a new lower control arm would be much more expensive than I thought.

Most chain retailors sell the bushing for $15-25. Energy Suspension sells a complete front suspension kit for the same price. Maybe I should just get that. Also, I can use the money I saved to finally buy a hydraulic press!

More updates later on...