Hi Taramike2012:
So sorry you are in this awful predicament. Most people who post on labral tear/arthroscopy threads have degenerative type tears with some underlying abnormality in the bone structure that predisposes them to a labral tear. I have mild hip dysplasia and had an arthroscopic repair done in 2011. Others have some form of FAI (impingement). IMHO, since your tear is traumatic, if you have no other damage to the hip joint, and if you have no underlying abnormalities in the hip, then I think you would have a very high chance of a good result if you have it arthroscopically repaired. It's usually the underlying problems that result in a poor result from hip arthroscopy, especially if there is already some arthritis. However, you may want to ask your surgeon if there would be any advantage/disadvantage to having an open repair.
Who said no exercise AT ALL? I would think that's a bit extreme! How about isometric hip exercises to maintain some strength? How about some exercises to maintain strength in the parts of you that are still functioning well? How about 1 legged cycling on a stationery bike? Heck, even 1 armed swimming with a pull buoy so you don't use your legs! A good physiotherapist who understands your injuries, should be able to help design an exercise program that will benefit you. Nothing worse than an athletic person who can't exercise!
Good luck and I'd love to hear how things progress for you. Jo