VD--go as long as you can without the total knee. Generally, they last about 10 years, so @ 47 y/o you'll have an end stage replacement at 57 and will be facing another TKR at that time.
As far as riding after a total knee, you might have some instability in that joint--and will need to really build up your quads, vastus, etc. But it can probably be done.
You might go ahead and have the screws and plate removed, and a bit of arthroscopic debridement--but I want to let you all know that a recently 'well-done'--prospective, single-blinded, placebo-controlled study showed NO improvement after arthroscopic debridement.
I'm not an expert in this area, but the standard reasoning is to be as conservative as possible in these situations. You'd probably best go with the plate/screw removal, followed by the hemiarthroplasty--and wait as long as you can for a total knee.
I could be wrong about this--ask your doc.