I've spent a good deal of time looking at this to try and make it work. From scratch, if you obtain the Mortifications in the Khanate, it works out to about 7.3 scrip per action. Somewhat less if you're getting them from the Sunken Embassy. This was a good grind for a while, but as the game has evolved it's now fallen further behind from the top-tier scrip grinds.

The thing is, only about 60% of the value of this Cover Identity comes from the backstory, and 40% comes from other Cover Identity qualities. That means it just takes too many actions to convert the Mortifications into Scrip. The actions to build up the rest of the Cover Identity are valued at 2.5 EPA, which is far below what you can achieve elsewhere.

Even if you already had the Mortifications on-hand, it's probably more efficient to turn them into scrip via brass lollipops. (Personally I would this method, but it is less efficient.)

When the stars align for the Rat Market, you might consider <a href="/wiki/Con_an_Inconvenient_Royal" title="Con an Inconvenient Royal">Con an Inconvenient Royal</a>.