Henry, Here's another $.02:
No Dr. but have some good experience. My friends call me the bionic man. I'm 52 but very athletic and with a very high pain threshold (Not meaning to brag but it makes a huge difference). If your knee is locking and you fall, you risk further damage. My knee history:
Left knee: '91 completely rebuilt ACL, lateral collateral lig. & meniscus repair; Could barely walk pre surgery. Skiing five months after surgery... no problems.
'98 further meniscus repair (knee was locking); Fine in a week. ON a life cycle day after surgery.
Jan. '07 shattered left tib with plateau fracture and displacement. (Actually split the entire leg, lengthwise). Surgeon removed meniscus (split in half) repaired it on the table and reinserted. Love technology! Several Dr's. said I would or will need knee replacement. F__k them!!!!! Complete recovery each time. No problems.
Right knee: Lost ACL in 90. Little other damage. NO surgery nor brace. Continuous work to keep muscles as strong as possible to compensate. Ski, tennis, whatever no problem. So I claim to know a little about recovery.
The point is, it is 80% you. If you have chronic pain and locking.... get it fixed. Sooner the better. Your ability to recover is not getting better as you age. For pain, I hope you're taking a glucosamine / chondroitin complex supplement. Helped me a lot and still take it when the knees get sore.
If the surgery is arthroscopic, two month recovery is a maximum. Again, it depends on you, the procedure and amount of damage repaired and the surgeon. If it hurts, move it! Nothing speeds recover more than blood flow and movement gives you blood flow. In recovery, I would triple the amount of weight and reps that the PT people wanted me to do. Every one is different and you know you better than the therapist. You need to be able to tell the difference in pain between it hurts because you're trying so hard and it hurts because you're tearing something. If you tend to swell, recovery is slower. Use advil before therapy and ice after!!!! There is no substitute for strength training. BTW, in addition to weights, yoga will help you get your balance, lateral movement and coordination back. When you do, find something to get your quickness back. OK, so it was $.04. Sorry.