94 Accord CD5 is already 20year old vehicle. And suspension is gonna be one of those things over time will wear and tear.


Q1.Should I replace the shock absorbers at the same time as shock mounts?
It really depends on the shock absorbers condition. If its not leaking or knocking i wouldnt bother.
just need to look at the base of the shock to see if the shock absorber bush is perished or not. I can say for me i had it completely moved over like the below example



Q2.It is worth fitting a rear strut brace? Is it straight forward to fit?
It should be straight forward. But when you say the CD5 is your daily and you want bang for buck. I reckon just the rear bushes and shocks + labor should be the priority and if you have left over funds then opt for a rear strut brace.



Q3. Shock mounts aren't expensive, are they? If I remove the rear shocks, is it wise to take them to a shop to have the mounts replaced (or am I better to leave the whole car with my mechanic)?
i dont believe bushes will be expensive to replace its always the labour that a mechanic will charge to replace bushes yes.
Real savings $$$ here will be able to source second hand better condition parts LOCALLY.

The more expensive path and perhaps preserving the future of your CD5 is going all out aftermarket. NEW shocks, New Springs, , Bushes. If you plan on keeping it LONG term.

example
http://www.ebay.com.au/itm/ROCA-Acco...item27d2edfad0

94 CD5 parts dont appear to be regular everyday parts.
Op, seeing as your from Vic.
have you tried wreckers like
http://www.hondworld.com.au/