Try $80?
I can't say what Mr. Hoyt's prices are now, depending on the job and the brand of the barrel. But I know they are way bellowing the cost of buying a used rifle in very good condition.
I've restored many "rust buckets", either the owners found them as bargains at a yard sale or pawn shop, or because the new owner inherited the item, had fond memories of seeing it [use by Dad or Mom], and wanted to experience some of that again. Currently I'm working on an old Japanese Bess. So far so good....fingers crossed though since the barrel on that musket is waaay too thin to rebore so if it isn't serviceable, it's a wall-hanger until I scrounge a Jap barrel, OR the owner wants to splurge and put a Colerain barrel upon the piece.
The secret is to use Evaporust.
http://www.truevalue.com//catalog/product.jsp?productId=25124&parentCategoryId=13&categoryId=196&subCategoryId=1712&type=product&cid=gooshop&source=google_pla&9gtype={ifsearch:search}{ifcontent:content}&9gkw={keyword}&9gad={creative}.1&9gpla={placement}&ctcampaign=4680&ctkwd={product_id}&ctmatch=&ctcreative={Creative}&ctplacement=126762-43411605579. Either remove the nipple on a caplock, and plug the nipple-hole tight, OR on a flinter simply plug the touch hole. Then put the breech end into a plastic bucket, and fill up the inside of the barrel. Let it sit upright overnight, dump the contents into the bucket and then examine the bore. Now the stuff is much safer than naval jelly and 'cause it's a liquid you can apply it to a breeched barrel when the Naval Jelly paste is much more difficult to use on a bore. IF the bore is serviceable you can treat the outside of the barrel to remove external rust, and the lock as well. I've done so many barrels, mostly muskets, that now I use a PVC pipe with a cap at one end and sealed with silicone caulk. I immerse the whole barrel for about 24 hours. I save the Evaporust solution until it gets really dirty. Now on rifles it will remove things like bluing or browning but we're talking about rescuing a very rusty item from a possible demise in the parts-bin. How good could the external finish be?
IF the bore is
roached, that's when you decide if you want to spend the money and have it bored smooth, or for more money bored and then re-rifled.
Why would anybody want a smooth bored rifle?
Ah well first, there weren't uncommon, and today they are often referred to as "smooth rifles", meaning a smooth bore that has the hardware and stock shape of a rifle. Bore that 15/16th barrel in .50 out to .55, and you have a 28 gauge shotgun, capable of launching patched round ball of .530 or .535 diameter, and normally they are sufficiently accurate to hunt deer out to 50 yards. A 1" .54 barrel may be reamed out to .58 and you have a 24 gauge shotgun. Either work very well on rabbits and squirrel.
A $100 pawn shop rescue with de-rusting and reaming/polishing the bore should run under $300 and would be more versatile than a good used factory rifle starting at the $350 range or higher. Sometimes the damage to the bore is minor and some lapping to smooth the rough spots to protect the patches (or you simply use conicals) and you have a serviceable rifle for under $200
Of course costs will vary depending on where you live, etc.
Most folks that I know find the best pawnshop bargains a week or so before Christmas as folks dump the old ML for spending cash, and then another wave of ML bargains is often seen from March 1 through April 15, as folks may need tax money, and also hunting season (except for Spring turkey) is over.
LD