Now that I see the additional recipe information, I would say that the expression "let it rise three times" was referring to a tripling of the volume of the dough, not three separate rises with punchdowns in between. You are correct that the recipe does not use much yeast, but to get a tripling of the dough volume I believe you would have to use a room temperature fermentation. I don't think you can get a tripling in dough volume in a refrigerator or cooler with the amount of yeast called for in the recipe, which I calculated to be a bit less than 0.40% (ADY) of the flour weight.
As far as scaling the recipe down to use one pound of flour, a key missing piece of information is the actual formula water used. The amount of water is especially critical for a dough intended to make a cracker-type crust and being off just a little can lead to unsatisfactory results. Nonetheless, I took a stab at downsizing your recipe but left the water part blank. If you decide to try the scaled down recipe, you will perhaps want to add water to the mix gradually until you achieve the "right consistency" that you referred to in your notes. In scaling the recipe down to use one pound of flour, I assumed that all measurements except for the flour and butter are stated in volumes. You didn't indicate whether the butter is salted or not, but if it is salted, the amount of total salt will be higher than what I have shown below. You should also be sure that you use the proper flour because the amount of water you will need will have to be consistent with the flour used.
Assuming I did the math and conversions correctly, this is what I get:
100%, Flour, 1 lb. = 16 oz.
20%, Butter, 0.2 lb. = 3.2 oz. = approx. 6 T. + 1 t.
0.84%, Sugar, 0.135 oz. = approx. 1 t.
0.59%, Salt, 0.095 oz. = approx. 1 t.
0.96%, Oil (soybean), 0.15 oz. = approx. 1 t.
0.40%, Yeast (ADY), 0.06 oz. = approx. 1/2 t.
? , Water
If you proceed, please let us know what the results are, or any problems you experienced. If possible, please also note how much water you used, whether by volume or by weight.