Swollen Scalped Knee, Right MCL Tear, Valgus Worse. Surgery Optional?

Question : I'm a mature med school student, and so am embarrassed to ask this, but after a lot of searching, still have no answer: I damaged my knee showing off on some seashore rocks about 20 yrs. ago. I did nothing at the time (it swelled, then improved after a few weeks), but over the last 2 yrs., it's giving me lots of problems, esp. going down stairs. It's a right MCL tear, with a loose piece or two of bone (?) rattling around inside the fluid. It's not inflamed, but there's a 4-cm2 swollen patch on the lateral side above the knee that's constant, like a weird lipoma. Is there anything new in the way of an operation? Everything I read says that such operations are not really successful, and anyway are done only for better athletes, and only if done immediately after the injury. If surgery isn't an option, what is? I'm worried because my valgus is getting worse over the past year. What, do I need a brace already?! Thanks!

No, that's what I meant -- I have no MRI. I did have an x-ray taken more than a year ago, but never saw it; the young dr. at the time just took a brief look at it and said, "You have a bit of arthritis." She was reluctant to send me for an MRI because this was in Canada, and they're trying to cut costs if there's no real necessity. She didn't think this was a necessity. Mind you, I could still do stairs pretty well at the time.

Sure hope the ortho surgeon can help.