I twisted

and it came loose. Isn't the ejector on the bolt and not on the barrel? If so the ejector still looks fine, is this because the bolt was pulled back when I twisted?
Bolt being back would have helped but, ejector should be fixed to barrel, extractor is part of the bolt.... Your's is a wire type ejector and, they are more forgiving than the newer flat-plate style.
"...bolt was pulled back..." Normally the bolt would be out before removing the barrel.
I'd pay a nickel to watch how that works...Rear of receiver is "closed"...only point of exit for bolt is after barrel is removed.
...
On another note, are these even worth restoring? Mine is missing a magazine, and I was told by my dealer that a new mag conversion kit is 80$ including one mag. A new savage 64 is 138$, hmmmm. Do people restore these just out of sentimental value? Should I expect such an old gun to be inconsistent and jam a lot even if I cleaned it thoroughly?
Not too sure what you mean by "restore". I adore the 64's but, not sure I'd invest heavily into one...they are what they are (as much as I love 'em...if they were "pricey" be better off with a Marlin.
There is metal and, a mag in the EE currently (item #14):
http://www.canadiangunnutz.com/forum/showthread.php?t=611599
It all depends what you mean by restore. What does the gun need done? Unless the gun has sentimental value to you as far as restoring, you could buy a very nice condition one for less than you will spend on the old one. Awhile back I sold a model 64 still new in the box with paper work for $200.00 And it actually took me awhile to get that.
That would be to a collector...for "use" they are what they are. An affordable, reliable (once you get the hang of 'em) and accurate semi .22.
I do love 'em!
They have a reputation for being jam-o-matics. I didn't always adore my first one...first few years I hated it! An old timer put me on the right track...Find an ammo they'll be happy with and, for heaven's sake, only lube your action to prevent rust in storage! If you lube it for use, crud sticks to it then the fun quickly dissipates! Also, get used to the idea of a compete cleaning every 500-1000rds.
...I've owned my "main" one for 25 years now and, it's still my "go to .22". No more issues for 20 years of fun.