"Worthy" of restoration and "worth" restoring are two very different equations. To "restore" the gun you are looking at will be very expensive. Just to get it firmly on face, repair the bulges, reblue, and restore the stock will drive you north of $1600 if done by someone like Kieth Kearcher. Replace the stock and you can double that number. Reset the engraving and recase color and you will need to add yet another $1500 or so. I suspect the "worth" restoring argument begins to break down with that investment. It may, however, still be "worthy" of restoring.
The critical path is the barrel bulge. As SKB notes, this is potentially a special gun. It was obviously built to take to the hard places where it could be both a shotgun and a 12 bore "rifle" firing a slug or ball over that 50 yd open sight. You will need to do some research, and someone here may know, but suspect Reilly configured those bores differently than its standard shotguns. If it did, the trick will be to find someone who can repair that bulge AND restore that bore magic, whatever it was. That, likely, will be fairly expensive, pushing your investment, if successful, well north of $4k. Counting the cost of the gun, I suspect it is hard to make the worth argument at that point.
Still, it is a very unusual gun, it might be made to shoot as originally intended, and if you are willing to use it till you pass it along, then it might very well be "worthy" of restoration. I have a $2400 William Cashmore at Turnbull's getting a $2700 restoration which will turn it into a $3400 gun. Worth it? Probably not. But it is unusual and I can't wait to use it for the rest of my life.
