I've no experience doing it but I'd advise against it anyway.
1. You might get little shards of steel stuck in the string, which can cut your fingers.
2. You might get bits of steel stuck to the pickups and lost inside the bass.
3. Steel dust in the pots? Unlikely but a disaster.
Just try boiling them! Or replacing them!
I strongly Second it. Another thing that does work pretty well is to soak the strings in rubbing alcohol or better yet, denatured alcohol. Soak for an hour or so, wipe then down and you're good to go. . . . for a while. Nothing I know of brings them back to full life.
)