J.B., never have seen this method you described, but an easier method I use for long term storage is to roll up a long piece of Brownell's VPI (vapor phase inhibitor) paper and slip it down the barrel. I have also wrapped new gun parts left "in the white" in it for years with no signs of rust. I always use a light coating of RIG before the paper. In our high humidity environment heah in Jawja preventing rust is a constant battle. I have never had any rust at all using this VPI paper in 20+ years.
Congratulations on the find. Stan