Good advice from NOS88 -- you really won't know 'til you try (out different bicycle types). I've almost exactly the same set of issues, at age 57
Have the A (osteo) in knees, hips, thumbs/hands, and (now) spine (just suffered/diagnosed with compressed disc L4/5
).
Generally, given proper positioning, including esp. saddle position, knees/hips won't be a problem provided you work up slowly. But spine/back a different issue, and what everyone prefers/tolerates seems to be different. For example, I've always preferred a semi-upright position, the kind one has on a x-country mtb, and prefer flat bars, but ... my dr. and physio are now suggesting that once I get control of the disc problem I may well want to try adapting to a more 'road' position for precisely the reasons NOS88 suggests re. friend -- to extend the back slightly and to help avoid 'jolts' travelling straight up through saddle into lower back.
Seems almost counterintuitive, but we'll see. As long as I can avoid a recumbent, or riding full-suspension on the road, I'll do whatever it takes
.
At any rate, ride; for me, at least, there is no substitute.