I am not familiar with this suspension, but in my opinion, perished rubber is very unlikey - it is protected from UV, and the thick rubber is very unlikely to have been contaminated by oil except on the surface. I believe that problems with the suspension are more likely to be due to damage to the arm (as suggested above) or possibly a whole suspension unit is loose on the float. I would follow the suggestion above to jack up each wheel separately, and thoroughly examine the suspension, removing each wheel if necessary.
Or even better, find someone who is familiar with this suspension and pay them to check it.
John
John
JDNSW
1986 110 County 3.9 diesel
1970 2a 109 2.25 petrol
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