Yes,
Have a trial run first so you do a neat job.
The heatshrink tube needs to be of the right size so it grips the soldered joint when it is shrunk.
Wrap the flex lead around the solid capacitor leadout in a neat spiral so the joint is not too large for the heatshrink tube.
The flex leads you make have to be just long enough so that the loose heatshrink tube when slid back, does not get hot when you do the solder.
Let the joint cool completely then pull the heatshrink over the joint and right up to the capacitor to cover the bare lead-out. Then use the barrel of the soldering iron to shrink it.
Capacitors are about the main cause of failure in old elect/electronic equipment. Fortunately, we can usually find modern replacements for obsolete capacitors, but invariably they are physically smaller and we have to be creative to mount them and connect them safely.
Hope you get that thing working!
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