Will this work?

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I picked up an old Stevens Favorite at a flea market earlier this summer. The firing pin was broken and the rifling looked pretty rough. I put a new firing pin in it and the little gun functions fine but accuracy is non-existent. If I rebarrel it, could the action handle .22WMR or .17HMR?
 
No, I would not recommend it.

You could maybe go .17 HM2, but it's pretty much a dead or dying caliber now.

The problem is:
.22 WMR generates about 3 times the energy of the .22 LR.
The .17 HMR about 2 1/2 times more.
Even the HM2 is 50% more powerful.

That translates to more locking block force x 2.5 or 3 times, pushing on a larger case head.
(Bigger piston!)

Old gun, old steel, and not designed for those kinds of forces.

If I were you, I would re-line the present barrel in .22 LR.

In the long run, it will be cheaper, and safer.
And retain the appearance of the original barrel.

http://www.redmansrifling.com/relining_prices.htm


rc
 
The Favorite, if it's the very small action, is not considered adequate for high-speed .22 LR ammunition. So either of the RF-magnum cartridges would be a poor choice. Savage-Stevens also made a new Favorite several years ago with improved metallurgy that was strong enough for the magnum rim fires. You wouldn't 'blow up' your rifle with the hotter rounds, but the headspace would likely stretch until the gun was unusable.
 
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