Spraying it out sounds like a pretty good job. What you are attempting to do is blast any waste that is in there and to introduce air into an area that can sit without air - which encourages bacteria that does not use that oxygen for life. That type of bacteria - anaerobic - produces a toxic gas as it grows and proccesses waste. Simply pumping it up and down and swishing it around in a bucket of waste water would probably even do the job.
Washing the thing out is a good idea. If you have one ot those fish equipment cleaning brushes - often sold with filters and such - they look like a baby bottle nipple brush on a long handle - you can poke that in there and scrub it around if you wish.
Unless you are finding that there is a large amount of nasty smelling stuff in there that will not come out, I would not think you need to soak it at all. The act of cleaning out anything that is sitting stagnant in the "log" will prevent the anaerobic bacteria from setting up shop. You do need to do this on at least a weekly basis though. The danger comes when you pick up the ornament, releasing any toxic gas that may have collected in there. If a fish get a snootful of that gas, they can go belly up in moments!
You could even run an airhose in there - I have seen airstones that are the diameter of an airhose too - that would bubble away and eliminate the worry about something sitting without oxygen.
If you choose to soak the ornament in bleach, I would recommend that you make it a short bath - to preserve the color of the ornament. Then soak it in a bath of water that has dechlorinator added.
Air drying is not really necessary, I do not think. Many bacteria are not deactivated by drying, nor is any waste removed that way. I think that that is a lengthy step you can safely skip.