Many people who face this kind of price tag wonder if they can get away with patching their pipes. But if the sewer line is old there are almost certainly reliable other bad spots that will give you problems now or in the near future. A series of patch jobs isn't cheap. In the long run, it just makes more sense to replace the entire line.
Examine the washer and replace it with a new one. Also replace screws in water line repair case they are old and damaged too. The new ones you buy should be durable and of good quality.
The con to time well spent is only if the fix or installation works. Suddenly, when a pipe is squirting water or the dishwasher is leaking all over the floor, that time seems wasted instead of well spent. Now your time is wasted, plus you have to pay for a professional plumber to come over and fix the mess. That time could have been spent doing something else, like golfing or swimming or gardening.
Getting advice from someone who has not made any money online is like asking a plumber to shoe a horse when they have never done so. Why in the world would you do this?
Keep an eye on any leaks in and around the house. Inspect taps, pipes and your roof regularly. Watch for leaks and if you find them, get it water line repair as soon as possible.
And the way to know what's sufficient? Well, until the work is done an the bill paid you won't know for certain, but this is the best that can be suggested and normally works very well.
Bottom line is that it is now very easy for even a desk jockey to fix his own pipes. Go by the closet home improvement store on your way home. Pick up some of these fittings and impress the wife with talents that she did not know you had. You may even get brave and do that small plumbing project that she has been begging for. Now you can use these fittings to cut into that water line to run that new outside faucet or hookup that water filter yourself. With the push type fitting plumbing has been made easy enough for anyone to be able to do it.