I tore my ACL a number of years ago. I've had reconstructive surgeries to stabilize the joint and it has helped. The surgery to repair a torn ACL is much improved over the surgical techniques of even a decade ago. Knowing that, I would opt for ACL repair simply because I wouldn't want degenerative arthritis to set in from a loose goose joint.

With every knee surgery, my PT put me on a stationary bike. I don't know what the treatment protocol is for a MCL though.