Albion just to clarify, the Blue Loctite is used on the outer bearing race/retaining ring threads, which hold the outer freewheel body and the inner body together. The "cone and locknut" are usually associated with the hub axle and not a freewheel assembly.
When you grease the races keep the grease away from the pawl and pivots. Use a few drops of high-grade machine oil there and smear on the ratchet teeth. Finally, if your bearings are bright and shiny after cleaning, there is no need to replace them.
Good for you for tackling the servicing of your Perfect.
Hot water, liberal amounts of Dawn dish detergent, an old toothbrush, and rinse in hot water, is all you need to clean. Dry in a toaster over at 200F for 15 or so minutes, and reassemble.
