Attaching new drain trap to a galvanized stub out

I am replacing a vanity in my bathroom. The brass p-trap from the old sink was connected to the galvanized stub out as seen below. While there haven't been any leaks that I'm aware of, the slip nut that attached the p-trap is broken so I want to replace the whole p-trap and connection. I realize galvanized drains are bad news but I don't have the resources to replace them right now so I'm focusing on what I can control.

My question is, what is the best means to connect a new PVC p-trap to the existing galvanized stub out?

My plan is to use a 1-1/2" to 1-1/4" zinc slip nut with a reducing washer to replace the broken one (assuming I can get the old one off cleanly) and attach the new p-trap. Will this work?

Alternatively, I read about using a brass waste connector which screws on to the stub out further than a slip nut and reduces the chance for issues related to corroded threads. Would this be better?

Should I use pipe dope or teflon tap when installing the new slip nut/connector? How clean from the old pipe dope does the stub out need to be?

Update 3/4/2020: After attempting a new zinc slip nut and washer, I simply couldn't get a good enough seal to prevent a very slow drip. The bottom of the pipe had a small notch that I think was to blame.

Ultimately, I ended up installing a brass waste connector from Home Depot with teflon tape, then connected the trap arm with the nut that came with the brass waste connector and a new rubber washer. The nut did extend the trap a little further making it difficult to re-install. Time will tell if this is a lasting solution.