I would definitely change the arm if the inner hole is visibly ovaled. Not only will it wear the new nylon bushing quickly, but it also allows the suspension to move fore and aft, which spoils the alignment and to some extent, the handling.
The arms are cast iron, which makes welding to them tricky. I'm no welder, but as I understand it, you need to heat the entire arm then make the weld while it's still quite hot. A special rod (or wire) is required as well.
Really bad place to have something break, IMO. Plus of course you need to be careful to keep the hole in the same relative spot, or it will upset the camber and castor that have no adjustment on the TR3. If you build up one side with weld and then stuff a reamer in the hole, it's going to move the hole. But maybe I'm just paranoid.
The left front arm is the same as the right rear one, so that should be OK. But if there is any doubt as to it's condition, I would change the brass bushing in the outer end as well. They seem to wear pretty badly and it's not really noticeable unless you go looking for it.