Centaurus,
The 'yo-yo' manoeuvre you describe was the same for the 707. I never had to do it for real, only in the simulator. But I have heard, at second hand, of a crew who had a runaway stabiliser and who used that method to restore normal trim. I understand it was exceedingly hard work. And stressful, as it was done at low altitude over Toronto, but they saved the day.