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@roadwarrior
no, there's a different tool with longer/shallower splines for the freewheels
If the bike came with an all tourney setup, it's probably not worth much more than £300 anyway, and to put anything decent on would require a rear wheel upgrade aswell, so probably not worth it imo. You could spend £100 on parts easily and never see that money back
I'd stick the bike on ebay as is and get £50 for it, and put it towards the cost of a new bike.