Freewheel or Freehub?

Older multi-speed bicycles have simple rear hubs with a set of threads on the
right side of the hub shell. A traditional freewheel cluster has matching
threads which screw onto the hub.

This is different from the more modern "Freehub ®" or "cassette hub" design,
in which the freewheeling ratchet mechanism is a more-or-less integral part
of the hub. See also my article on Cassette Hubs.

A standard freewheel attaches to a hub by screwing on to external threads that

are part of the hub. Pedaling tightens the freewheel down on the threads, so no
tools are required to install a freewheel.

Sheldon says no...but

Sheldon recommends against rebuilding a freewheel or Freehub body.

His advice:

Note: Except in urgent cases:

 restoring a cherished antique freewheel;

 to get back on the road with one that has come apart;
 when the freewheel remover doesn't work or you don't have
one --

working on freewheel bodies is generally not worth the trouble. The

freewheel bearing gets the least wear of any on a bicycle, since it only
turns when it is not carrying any load. Some people will ignore my advice
and try to service freewheels (or have no choice).

Sheldon's advice makes very good sense for Shimano Freehub bodies, because
they are common, and easily replaced. But these days, more surviving
freewheels are cherished antiques. Rebuilding them doesn't deserve to be a
lost art. Here is how to rebuild one. I (John Allen) especially like old SunTour
freewheels, and I use them as examples in this article. Freewheels of other
brands are basically the same, but differ in detail.

Tools: you will need a chain whip (two if you are removing sprockets), a
hammer and punch (or a 12-penny nail will do), and about 100 1/8"bearing
balls for most freewheels. Re-using old bearing balls is a false economy. It is
useful to have a magnet to remove bearing balls and tweezers to install them.
A freewheel remover also is helpful, or you could use a bench vise. You need
solvent and an old toothbrush to clean off old lubricant and dirt.