Same trick works with water. I do it occasionally on my carbureted engines... You have to have the engine at full temp. The cold water/ATF breaks up the hot carbon, and it passes through. If you do it you need to only suck up a small amount slowly and make sure it's on a port that gets to all cylinders (brake booster, PCV)...
and yes ATF in the oil before a change can help clean things up.
I actually just bought a can of SeaFoam yesterday. Never used it before, but figured I'd give it a try in my 390. It's about time for an oil change, so I'll be putting some down the intake (via brake port), some in the gas, and some in the crankcase...