Yeah, you can do it that way. If you have some clear vinyl hose the right diameter to slip onto the bleeder, then loop the hose over the upper ball joint and drop the end of it into a can or jar, that may prove to be the safest method.
Before you begin adjust the brake shoes out tight against the drums.
I would do one side at a time starting with the furthest wheel from the master cylinder. Having the hose looped over the top provides a small reservoir of fluid in that hose, so as you are releasing the master cylinder lever slowly....after each slow pump, its less likely to pull in a bunch of air around the bleeders' threads. Follow me..?
When you get done flushing both sides pull the lever and hold it (you can tie the lever back or use a big o-ring slipped over the bars), then go back to the furthest wheel and crack that bleeder open for an instant. Grab another handful of lever and open and close that bleeder again. Repeat this final bleeding step on the remaining side, back off the brake shoes adjustment (per the FSM) and you're done.
If you don't use looped hose on the bleeders close them after each press of the lever, else you'll draw the wheel cylinders full of air.
If you go retros route, the hose into the jar, put some brake fluid in the jar and make sure the hose is always submerged. That way you never have to worry about sucking air back into the system if you loose the brake lever for whatever reason ;-)