You probably should not replace a 50 and 75 with a 125. The problem is that although the 125 would have the capacity to supply the same current as the combined 50 and 75, each branch would be provided up to 125 alone, instead of the 50 or 70 that they were allowed before. That is, the 125 won't trip unless both branches exceeded their 50 and 70 amp limits simultaneously. If at any time one branch is drawing very little current, then the other branch would be delivered up to 125 amps. If it is OK that each branch can receive 125 amps alone, then a single 125 would be OK.
And if you have damage to the bus bar, you will have to replace the whole box.
On the other hand, if the existing wires will reach, you might be better off simply replacing all three boxes with one panel.
good luck, be safe
Al K
One more consideration---- the output lugs of the 125 must be able to accept two output wires.
The point is, it is highly likely your 50 amp circuit uses wire sized for 50 amps and your 70A circuit is wired for 70A By putting both wires on a 125A breaker, you are exposing either (or both, depending on how you look at it) circuits and therefore the wire to as much as 125A continuous. This is a good recipe for a wiring fire inside the walls.
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