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.
Tried to Google the 707 incident to get more explanation of the Yo Yo technique taught in those days but could not find any reference. Date, location and brief description of incident would be greatly appreciated.