Bruce,

Nice vintage bike, and should be a beaut when fully restored. I love the vintage U-brakes.

Chain-L will be fine as a freewheel lube, and will get in there by a combination of spinning and gravity, keep adding until it drains out the bottom, then don't use the freewheel until it stops draining so you don't fling oil all over the bike.

The soak and flush will be fine for the pulleys, and Chain-L will be fine for those too. (to other readers, I'm not flogging Chain-L here, I know Bruce has it already). However, the smaller pulley, and maybe both have ball bearings, so I suggest loosening them until you have enough room and working some grease in there rather than using oil. This will offer much more durable lubrication and weather protection. If you have a small grease gun with a pointy tip, it'll be easy to get grease inside without opening them to where you risk dropping the balls.