Paraformaldehyde-hydroquinone developers were once very popular for lithographic work. They were rumored to be cleaner working than other formulas and had the advantage of hardening the emulsion a bit. Paraformaldehyde is soluble in alkalies, and sodium sulfite is apparently alkaline enough to do the job. It would probably be possible to make an equivalent solution by dissolving paraformaldehye in the appropriate amount of sodium sulfite and then adjusting the pH of the final solution. A fairly similar developer to the one you showed appeared in a 40s era Photo Lab Index:
Water (<90F) 500 ml
Sodium sulfite (anh) 30 g
Paraformaldehyde 7.5 g
Potassium metabisulfite 2.6 g
Boric acid (crystals) 7.5 g
Hydroquinone 22.5 g
Potassium bromide 1.6 g
Water to make 1 l
Something more similar to the Packo formula might start with the Packo formula, but using 25 g of sodium sulfite, 5 g of paraformaldehyde, and three 3 g of sodium metabisulfite instead of the quantities of sodium sulfite and sodium formaldehyse bisulfite listed.