Let's assume that if it causes pain to bowl, then you might have pain doing many other physical activities. If not now, then later as things in the current hip deteriorate further.
As we age, physical activity becomes more important, in my opinion, because the alternative is usually sitting in front of the TV too long, putting on extra weight, and a multitude of other ailments that are made worse by inactivity.
This seems like a "quality of life decision" first and foremost. If you have the surgery, and are diligent with the rehab, you are likely to be pain free for many years, which could very well include bowling.
One other aspect, is that if you are away from bowling for 6 months, or whatever, you will probably appreciate it more when you return. Three years ago I endured a major shoulder reconstruction, and I was "out" for 5-6 months, but really a whole year before I had the confidence that the repair was strong, etc.
My outlook has "mellowed" considerably after that, and as I grow older. I really like to bowl. I don't take it for granted that I will do it forever anymore. I try to do the small things like stretching and warming up so I don't have to go through it all again.
I suspect that you will enjoy it more than ever if you are unable to compete for awhile. Either way, we wish you the best in your decision.