I'd suspect it's more likely to be the ball joint side, rather than the bushing side, because that bottom bushing is beefy. Even an ever so slight amount of movement in that sway bar hole - and you might need a big ol pry bar to discover it - can cause a noticeable clunk.
That happened to me in my BMW. No matter how hard I tried, I couldn't get anything to budge and reveal the source of my clunk, but my sway bar was a little rusty, so after many months of pulling my hair out, I just replaced it with a brand new sway bar and it became quiet as a mouse.