Joined: Jan 2009
Posts: 44,193
Likes: 6,425
From: New York, NY, and High Falls, NY, USA
Bikes: 1962 Rudge Sports, 1971 Raleigh Super Course, 1971 Raleigh Pro Track, 1974 Raleigh International, 1975 Viscount Fixie, 1982 McLean, 1996 Lemond (Ti), 2002 Burley Zydeco tandem
Yes, those are the options, but it's not worth the trouble or expense to replace the individual cogs. Replacing the freewheel is inexpensive, and it should be adequate. I wouldn't replace the entire wheel unless another reason is pressing on you, such as the fact that your rim or axle is damaged.