Gunsmith,
I have always considered replacing the hingepin as basic, correct repair and have done so on one gun, long ago. This would be especially done if gun is going to be used heavily and/or on expensive hunts -- but, I have solid, newer guns that fill those needs well. I also have other older guns that I greatly enjoy shooting and hunting with, especally on one-day trips -- these are generally old Husqvarna hammer doubles, both top and underlevers. If this gun fills this latter ticket well, then it has been worth all money paid and time spent cleaning it.
Actually, I wonder how many posters and lurkers here would take any 117 year old gun on a hunt where it would be used so severely as on Argentina dove shoot -- Even one made of good Swedish or German fluid steel made with 1880s technology, but intended for 1880s-1890s shotshells. This gun has already been through an unknown number of shotshells of unknown loading, at least enough in the aggregate to have gotten it off face about 0,003 inches. It is ready for a solid repair (but not necessarily expensive) and a diet of lower pressure loads. Even on multiday bird hunts with old doubles, I take a spare along. One can finish a day's hunt with a double that suddenly became a single shot.
Niklas