Correct! Although the Cyclops part of the story isn't mentioned in Pindar or Ovid, it shows up in other sources. In Harris and Platzner's Classical Mythology, you can find the story on page 242.

According to tradition, the man who was brought back from the dead was Hippolytus, the illegitimate son of Athens' hero-King Theseus by the Amazon Queen Hippolyte (the only author who claims these two were married is Shakespeare, in his Midsummer Night's Dream). Hippolytus turned down the sexual advances of his stepmother, the Cretan Princess Phaedra (who had her own issues to deal with--among other family troubles, she was the sister of the famous man-eating Minotaur). You may recall Phaedra as the infamous myrtle-stabber, who poked holes in a myrtle hedge with her brooch out of sheer frustration while she was watching her stepson work out naked at the gym.

Phaedra countered his rejection by accusing Hippolytus of trying to rape her, and Theseus used a curse he'd been awarded by his divine father Poseidon to bring death upon his own son by means of a sudden tsunami as Hippolytus was fleeing along the beach. When Theseus found out the truth he regretted it, and Asclepius came to his aid... according to Pindar, for a hefty price, which fits in with the "greed" motif that pervade's Pindar's "Pythian Three."