I wouldn't do it. I had great results with hot water (almost boiling), and low odor mineral spirits. Not mixed together of course. I once got an SKS slathered in cosmoline. I used an electric kettle that boils water for tea or soups and a large tub in the basement. The hot water was great for the barrel which is too long to fit in a bucket.
All the smaller parts like the bolt and trigger assembly, went into a small pan with the mineral spirits. The cosmoline came right off after a few minutes, and I like that it gets into the smaller places. I even used the mineral spirits on the stock with a towel.
The hot water will make a mess, and leave a cosmoline ring in whatever tub you choose to use. I used a cheap plastic tub I had lying around. Just make sure you oil up everything after using the hot water to prevent rust.
Be careful if you use an electric kettle to boil water. Besides the electical hazard, you can ruin it if you pour cold water into it immediately after pouring out some hot water. I broke one after about the fifth time of doing just that. Luckily it was a cheap $10.00 one, but my wife did want it replaced.