Relining is a practical way to bring these back to life IF you have the tools. The extractor cut will have to be recut in the liner face. Frank de Haas' book on "Mr. Single Shots Book of Projects" tells/shows how, I think, if you can find a copy. Numrich's used to sell already chambered liners.
They also used to sell replacement barrels for Favorites, so you should have a look and see if they still have any.
