If you take the dirty hydraulic lifters out of the engine and soak them, sure. I would not recommend putting this stuff in a motor oil.
Neutra, LC, or AUTO-RX in the motor oil should clean the lifters over time. Worn valve stem seals need replacement if engine is smoking on deceleration and startup.
Here, Neutra, LC, or AUTO-RX might clean up seals and remove the sludge so they are more flexible.