Joined: Oct 2004
Posts: 2,947
Likes: 1
From: Absecon, NJ
Bikes: Puch Luzern, Puch Mistral SLE, Bianchi Pista, Motobecane Grand Touring, Austro-Daimler Ultima, Legnano, Raleigh MountainTour, Cannondale SM600
Before dealing with the hassle of disassembling the freewheel, I'd flush it with liberal amounts of lightweight oil.
If it still is in bad shape after that treatment, I'd be off to ebay to find an NOS replacement. Freewheel disassembly/reassembly is a royal pita and not worth the effort in my book, especially when replacements are readily available & relatively cheap.