Elizabeth Webber & Franco Relations: There are NONE. Jeff Webber is Liz's father. And he married Heather Grant (Webber) and had Steven Lars with Heather. And Jeff had Elizabeth from another relationship with another woman. So there is NO relation between Liz and Franco. But, Steven is half brother to Franco (Through Heather. Not Jeff.) and Steven is also half brother to Elizabeth (Through Jeff. Not Heather.) Steven's father and mother are Jeff Webber & Heather Grant (Webber). Franco's father and mother is Scott Baldwin & Heather Grant (Webber). Liz's father and mother is Jeff Webber and mother is unknown.
You can see Liz's Family tree at the bottom of this Wiki http://general-hospital.wikia.com/wiki/Elizabeth_Webber_(Rebecca_Herbst)