If it were mine I would scrounge up all the parts needed to create a .22 lr using 1922 parts. You would end up with a very unique and functioning rifle that you can enjoy for the trouble and expence.
I would like to buy it for that purpose, if you would sell it.
Since it is a low number, drilled, and stripped of original finish, it will not bring much even if it were restored. But as a .22, it would be worth more than the sum of it's parts.