I have had guns relined and it works OK as long as the smith does a good job of it. First the gun must be worth the trouble or something that is an heirloom or just that you want to shoot, as with alot of cheap rimfire rifles, the cost of relining it correctly may not be economical. A good smith can make the seam at the muzzle practically invisible. Then they have to chamber the liner correctly at the other end of the barrel. But once it is done, it can make a shooter out of a dud. It is not something I would try to do myself without being a machinist or having smith experience. But I think a rimfire job would be cheaper than the centerfires I had done. As for a new barrel, where do you expect to find a good barrel for an old rifle like that? Probably any pulled barrels that might match the gun will be not alot better. If you really think the gun is a keeper or will get alot of use out of it, then the cost may be immaterial as you are looking at using, not turning around for a profit, which will be nil. Talk to the smith who will be doing the work, versus trying to buy it and then have them install it. There are some listed in places like Shotgun News gunsmith section.