In reply to OG:
I torn all the ligaments whilst playing rugby and had the surgery to repair. I was fine, functional-stability wise, before the surgery, but the excess mobility had cause osteophytes on my shin which were painful so got it all sorted at once.
Before surgery I was able to climb and surf no problem and it was only running which was causing me pain, but possibly not due to the ligaments. I would often go over on that ankle though... but damage was already done.... I possibly wouldn't have bothered with the surgery if I didn't run/ wasn't as young as I was (28).
Surgery was a breeze - I would highly recommend asking for a nerve block if they will do it, rather than relying on oral pain meds. Overall the pain was minimal, and in hindsight was more to do with the shaving of my bone for the other issue than the ligaments.
I believe the only way to do the surgery is open, meaning that you have an open wound. This necessitates a back slab and dressing rather than cast which is quite cumbersome. 2 weeks of that and then moon boot for 6 weeks. I was back to playing rugby well within 3 months but I was pretty religious with my physio. My body was very protective of it or the first few weeks out of the cast and I was still conscious of it for probably a year. After that its been a couple of years of pushing the mobility back to 'normal'. exercises were initially about strength in the calf, and then increasing stability using dynamic movements on a swiss/ balance beam - it probably showed me how poor my balance was regardless of injury! you could start on a static bike as soon as the boot was off, as well as some gym or even lightly jogging. anything where you ankle was sure to stay in a neutral orientation (so not cycling in cleats, for example).
My surgeon warned me that it might feel weirdly tight as the ligament will be shorter, which it did. some people may hate that (yoga?) and I cant sit comfortably cross legged/ on my knees like I used to. Functionally I'm great and its very minimally different to the other side..
Whenever I almost go over on it (while hiking, for example) I get an 'oh fcuk, if messed it up again, feeling. but, its still fine and its just learning to trust your body again.
You don't mention your age, which will obviously affect the recovery time. you could probably carry on without the surgery and see how often you go over on it. Once that exceeds your threshold then have the surgery? but in my opinion, it wasnt that bad!