Developing a critical-element-free low-cost permanent magnet is an urgent necessity in view of rapidly developing technologies and the associated huge market demand for -based magnets. Here, inspired by the abundant and low-cost nature of and these high-performance permanent magnets, we explore whether it is in fact possible to attain a useful performance in alloys based on the sister material , employing both experimental and theoretical efforts. Experimentally, we study with , and substitutions. The substitution is explored in view of ’s frequent role in enhancing magnetic anisotropy in permanent magnets, while the and substitutions serve to remedy the too-low Curie point of 433 K in the base alloy. While we find no -related anisotropy enhancement either experimentally or theoretically, the cosubstitution of and indeed improves the Curie temperature as well as the magnetization, , with a potential energy product as high as 38 MG Oe. These properties together suggest optimization of the alloy (with only 7 wt % cobalt) as a critical-element-free permanent magnet. While the substituted elements do not enhance magnetic anisotropy, from theory, we find a substantial increase, to a first anisotropy constant, , as high as 4.24 , associated with substitution for . Our experimental and theoretical results demonstrate the great potential of , and substitutions in developing low-cost and critical-element-free -based permanent magnets.