In my opinion (since you asked for it

), I think you need to take a step back for a minute. Have you done a formal six-step or "five-whys" root cause failure analysis of the busted pumps yet? Have you done the fundamental calc to see if it's physically possible for cavitation to exist in your system?
Cavitation may exist when:
NPSHr <= NPSHa
NPSHa = (source pressure) + (elevation head of liquid above impeller eye CL) - (friction loss in suction line) - (vapor pressure of liquid) - (losses across any other devices in the suction line)
In my experience doing failure troubleshooting as a member of a multidisciplinary team, the operations guys and the pump repair shop will tend to hijack the failure analysis and usually cite "cavitation" simply based on the appearance of the damaged internal parts. You have to be ready with a correct technical analysis to say whether the conditions are right for cavitation to form.
Sorry if you already know all this, but as someone once said, knowledge of the basic fundamentals is the required foundation for successful professional practice. Don't cave in to the mechanics, pump shop people, operations foremen, and otherwise well-intentioned line supervisors who proffer cavitation when in fact the root cause may be something else; internal recirculation, for example.
I have been involved in a few pump failure analyses where intermittent operating problems, e.g. instrumentation failures, led to conditions that allowed cavitation to occur, when under normal operating circumstances the system is not anywhere near cavtiation.
You say a discharge recycle/recirc setup is needed for your off or part load situation. Usually this is done by one or more pressure letdown valves or restriction orifices, or valves and orifices in series, installed in a smaller line off the discharge header going back to the source tank (or whatever your suction source is). If you look in the Pump Handbook there are diagrams on how to do it.
Alternatively, a variable-speed drive may be in order if the economics will justify it. They are getting cheaper all the time.
Having said that, the devil of course is in the details. Your piping and instruments MUST be sized correctly and the programming for the letdown valves has to be correct or the system will oscillate about its setpoint or it will not work at all. Best to hire a consultant who has expereince doing this sport of thing. The discharge bypass has to be timed properly with the startup-shutdown sequence of the pumps. If there is a main discharge pressure or flow control valve, that has to be considered as well.
Just because your pumps are 30+ years old does not mean they necessarily need to be replaced unless they are over- or undersized for this application. There are plenty of pumps out there this age, and way older, that are happily operating every day, 24/7.
Thanks!
Pete