Unless it's completely rusted through, just have your current subframe cleaned up and repainted to protect it. As for the bushings, I'm not a huge fan of ES poly. You can spend a little more and get hard rubber from Megan Racing, which will give you a better ride quality, and better performance. Are you certain that the rear bushings are shot? They're not silicon filled like the T/C rod bushing, so unless they're rotted out, they're more than likely fine. What you're considering slop in the suspension may be a bad hub bearing or failing ball joint. Now if your rust is pretty extensive, then I would definitely recommend getting a new subframe. If you re-use your old subframe, but feel that just enough metal was lost from rust, you can get some
reinforcement plates from GKTech to add some strength to the subframe.
The real question is how far do you want to go and how much do you want to spend? Either way, you can end up spending more than you'd like. Arms can be fairly affordable if you go the knock off route, and bushings can cost you just as much or more once you factor in shop time for the press.