I think there are a lot of false dichotomies in this debate.
1. Either we save the living species or we revive extinct ones.
2. Either we have the money available for living species or we have money available for extinct one.
etc.
The reality is, it's much more of a gray area than that. Money and habitat are finite resources. What isn't finite is human ingenuity.
De-extinction on some level will happen, it's only a matter of time. Within 10-20 years, I'm almost positive we will see Pyrenean Ibex, Gastric Brooding Frogs, and several other species either in captivity or in a semi-wild state. Who's to say what else could be done.
Economics is the driving factor in all of this. Can it make money or provide long-term benefit to humanity. If the answer to this is yes, then full speed ahead with the project. If the answer is no, then the likelihood is far more limited.
Let's suppose a hypothetical situation with the Pyrenean Ibex. This is the most likely candidate for de-extinction - because it's already been done. This is a species that lived in Spain and France, two of the most industrial and advanced countries on the planet. I would envision a multi-step process.
1. Marketing - why should people care about the Ibex. Answer, make it a symbol of both national failure and potential pride. If working with people has taught me anything, you must play to the emotional side of human nature. "You let this species go extinct under your protection, you should be ashamed of yourself." Followed by: "Help us fix the problem through creativity, ingenuity, and science." If you play it as a story of loss and redemption, then the public will eat it up. This step should take 2-3 years.
1a. Fundraising - once there is a public demand, then create a campaign to fund the project. I guarantee that a project with emotional appeal and local value will raise far more money than raising money for snails on a remote Pacific island.
2. Cloning - this has been proven to work with the species, though the individual animal did not survive. All that is needed now is time, effort, and money. This step should take 2-3 years again. That is time clone the first animals and start an initial breeding program.
3. Captivity - inevitably, the first animals will be relegated to zoos. This should tie back in to step one. People need to be able to see the success in the wake of their failure. Time line 5-10 years.
4. Reintroduction - once a firm population has been established (50-100 animals, say) then it is time to finally reintroduce a stable population back into their original range. Tie this back into step one, this should be celebrated in both countries. An Ibex festival or the like to celebrate the animal and what humans can do through hard work and ingenuity.
All the while, through steps 3 and 4, steps 1 and 2 must be ongoing. Timeline for the whole project is 15-20 years.
Does this affect negatively other conservation programs? Absolutely not. If anything, a project of this nature will benefit other species. The technology developed will aid other projects. The land set aside for protected areas will benefit every wild thing in that lives in the Pyrenees.
I don't think anyone can object to this kind of de-extinction. The same process can easily be done for animals like Tarpan (with domestic horse), Kouprey (with domestic cow), and several other species with close relatives.
The Elephant in the Room.
I think most people's problem with de-extinction starts with mammoths. Is it possible to clone a mammoth? Yes, it will be, but not yet.
The biggest problem here is that the surrogate, the Asian Elephant, is itself endangered. Were it not so, there probably wouldn't be as much debate.
That said, I'm sure that it will happen. The technology will not only revive the mammoth,, but will aid in elephant conservation as well.
This is perhaps the most important species that we can de-extinct. Elephants are the architects of their environment. One can make the argument that the arctic tundra is not what it should be because of the removal of mammoths. Pleistocene Park in Siberia has shown that by reintroducing once native wildlife, they've dramatically changed the ecosystem. They've helped to save the permafrost. Grasslands are growing. The argument that their is no habitat for mammoths left simply doesn't hold water. The mammoths themselves built their habitat, and would do so again. By having mammoths, which help to preserve permafrost, we could actually combat climate change.
The above is of course extremely difficult. Whereas I gave a potential timeline of 15-20 years for Ibex, we'd probably be looking at 25-50 years for mammoths to be roaming the tundra of Canada and Siberia again.
Is there an economic gain to this?
Huge. The potential of seeing mammoths in the wild would be one of the great ecotourism trips in the world. Not only do we see one of the most impressive species ever encountered in human history, we can also marvel at human ingenuity.
The biggest problem I see is the surrogates. Right now, we have to rely on another closely related species in order for the de-extinction to work. But, what if someone were to create an artificial womb (we're talking mammals here only)? What would that entail? It would need a method of pumping blood, providing nutrients, and protecting the growing fetus. If those could be overcome, then think of the possibilities. Not only do we now have the technology to de-extinct long gone species, but what could it hold for the animals we currently have that are on the brink?
That's of course pie in the sky, but don't think for a moment that it couldn't happen. The greatest leaps forward come in small steps.