I have bulging disks at l-4-l-5, l5-s-1, compression of nerve bundle, stenosis, aethrotic spurs.3recs. Diskectomy, lamenectomy, fusion. What is best route?

Decompression. When someone has symptoms from nerve compression due to stenosis and the spine is stable, decompressive procedures such as discectomy (laminotomy) or laminectomy are usually best. If the spine is unstable or if decompressing the spine would make it unstable, the decompressive procedures are best combined with fusion.
Impossible to say. Cant answer this with your description. Need a careful evaluation. In general, simple lami/decompression for mostly leg pains, fusion for severe back pain. See a spine surgeon with a good reputation for being conservative.