Very Bad Receding Gum Line, Best Option? (photo)

Excellent photo! From the looks of your situation, you appear to have a frenum (muscle attachment) pulling down on the gum around your lower central incisor. Without seeing your X-rays, it appears that you would need a minor surgical procedure called a "frenectomy" to release the tug of that attachment. You might also need a gingival grafting procedure after to raise the height of the gumline to its original position. Your best bet is to discuss these options with a periodontist (gum specialist). While the frenectomy can also be done with a laser, I don't think the issue is "killing the bacteria", but more a mechanical issue of releasing the tug of the frenum.

It all depends on what you want?  If you don't care on the crookedness of the teeth, then I say do nothing since you can't really see the gum recession normally with your lower lip in its position, maintain the bone and gum tissue you have now is critical so you don't loose more support.  If you loose more bone and gum tissue in that area, you'll end up loose those two teeth. If you want to correct the crookedness of that area, then that's where the money and "false teeth" options will come in.   

You have taken a very good photo of the area.  It appears from your photo that you have a very high frenum attachment and that is what is causing the damage.  You may need a frenectomy.  I would not recommend having the tooth extracted.  I would get an opinion from a local periodontist in your area to get another opinion.