Hey guys, after approx. 10,000 rounds the firing pin in my cheap shooter has finally deformed to an extent to which the revolver miss-fires about every other shot so I guess it's time for a replacement. If possible can I get a walk through of the process or any tips as to make the task easier? Any help is appreciated.

Gun Parts sell some parts and have a nice exploded view.

http://www.gunpartscorp.com/catalog/Products.aspx?catid=2579

You might also get parts from Jack First Gun Parts.

Some of these small .22 single actions were sold under several names by different importers and parts may interchange between them.
Here's another possible source of parts:

http://www.gun-parts.com/singleactions/

Replacement of this type of firing pin depends on how it's been installed.
Guns like the Colt King Cobra have the unit pressed in the frame and there's a burr-like "skirt" of metal that has to be staked back in place. Replacement requires a special press device and require special press punches to press it out for replacement and press a new one in. Using a punch and hammer will usually damage the frame.

Guns like the Heritage may just be a push fit. It all just "depends" on the gun as to whether you can safely use a punch and light hammer.
Remember, the bushing that retains the firing pin is also the recoil plate that directly affects head space.
Fail to get the bushing reinstalled correctly and the cylinder may bind with cartridges in the chambers.

To remove, or at least to attempt removal without a press device first drive out the retention pin on the side of the frame, from left to right.

Use a punch and light hammer to carefully attempt to drive the pin and the recoil plate out of the frame.
Clean everything up and install a new firing pin, and if you have one, a new spring. A well used spring should be replaced if possible.

Use a long, large diameter punch made of drill rod or brass rod inserted down the barrel to drive the firing pin and recoil plate back in the frame. This rod needs to be a large diameter, so a cleaning rod or ordinary punch shouldn't be used. This will prevent a smaller rod from getting off center and damaging the plate, or pushing it in tilted. If the plate starts to tilt, STOP, push it out and try again.

You MUST insure the plate is properly aligned to allow the retention pin to be reinstalled. If the plate is rotated slightly off, the retention pin may damage the plate, or cause it to tilt or move out of the frame slightly.

During installation of the plate you have to be sure no burrs or misalignment of the plate prevents it from going in cleanly and FULLY bottoming out with the plate "almost" absolutely flush with the frame.
This depends on the gun. Some will be absolutely flush, some will stand up out of the frame by just a fraction.

A possibly better repair could be had by returning it to Heritage for replacement.
A few too many local gunsmiths get carried away with hammers and punches and damage frames.

http://www.heritagemfg.com/site/index.cfm?CFID=29417006&CFTOKEN=f818701e2c1089c1-1AC54C7F-C8C8-3962-0D1AC8DFB89A827F