I love my ultrasonic cleaners but I wouldn't put wood in there. I learned that from my Opinel it started to remove the finish and swelled up the handle in an instant. It may have just been what was used in the Opinel, may not. But it's something worth looking into before you risk it as I heard of a few other recommendations online saying as a general policy it's not something they do. For just about every other folder I have that doesn't have wood (or pear, if I had any) I would toss in an ultrasonic to clean. And as always don't put any body parts in the ultrasonic it's bad for your health.
Also kwackster I noticed that when I used an ultrasonic to clean an already cleaned knife but used 3 in 1 in the pivots (didn't have wd40 handy) that is what exploded in what normally looks like the clouds of dirt/debree. It still cleans very well I will admit, but I altered what your steps are when I spent several hours using mine to clean the gunk off of my airsoft guns/gears which make the dirtiest knife I ever encountered look clean by comparison. Though I never did a side by side comparison so I can't comment on which works better. And I was mostly dealing with dirt/grease/oil in those guns with grease being the toughest to get rid of. Dirt and oil being easy by comparison.
I found smothering the area you want cleaned with dawn amplified the cleaning power greatly. Tested it to great effect on my airsoft guns and fined tuned what I did over a few hours. Works good on my knives as well. So my modified version of what your list is.
(My modified version of Kwackster's cleaning. Disclaimer I never got a chance to do a side by side to see if his works better and this was fined tuned while dealing with lots of grease on non knife related equipment, but works extremely well on knives from my experience.)
1) Brush with old toothbrush and a mixture of hot water & some dish washing liquid.
2) Rinse under hot running tap while constantly working the pivot
3) Shake out excess water
4) Apply dish washing liquid to pivot and area you want more thoroughly cleaned.
5) Put hot water in ultrasonic with a few drops of dish washing liquid and run a few minutes to degas it, without basket or any object in it to speed up process. I typically do this first, so it's degassing while I do steps 1/2/3/4 so it is ready when I need it.
5) Then place the knife in an basket or connected to something so it dangles in the ultrasonic without touching the bottom or sides. If something touches the bottom or sides it decreases the effect the ultrasonic has. Don't hold the object in your hands and turn it on!!
6) Turn the cleaner on.
7) Rinse under hot tap while working the pivot
8) If necessary repeat steps 4/5/6, if it really bad and it may be necessary to do 1/2/4/5/6 (never had to for a knife, but grease on the other hand).
9) Shake out excess water and let dry completely
10) Oil pivot pin
And thank you for your list of instructions on what you do Kwackster, it's what I based my cleaning methods on and fined tuned them to my needs. It has saved me a great deal of time and helped convince me pick up the ultrasonic cleaner in the first place which is easily one of the best purchases I made in a long time.
EDITED IN:
Oh I got carried away again in my posting. I have a very bad habbit of doing that.
My recommendation, oil the pivot and work it loose to try to knock loose the gunk before you scrub it to make life easier. Than dawn + toothbrush or paintbrush with strong bristles if the toothbrush doesn't reach far enough and scrub, rinse. Work the pivot under the water and more dawn + scrubbing. Dry and oil.