I would not put any effort into the mag.
I believe the lips are pretty much shot.
Be careful of the Franzite base, it is likely quite brittle after these many years; the grips are for sure and likely has "shrunk" some too.
I've had a couple sets of Franzite luger grips that are now 1/4" too short, from shrinkage of the plastic. Unfortunately they have not shrunk enough to be used on a "baby" luger.