Steeping flaked oats won't help you at all. It'll just lead to hazy, starchy beer. You've got no enzymes to help convert the starches into sugars in the oats. If you're really committed to the oats, you'll need to do a mini-mash by adding a pound or two of 2 row malt & if I were doing that, I'd up the oats back to 1 lb to give it some real character.
Also the full pound of cocoa powder seems a bit high to me. I was just listening to Jamil's show on Specialty beers where he gives his cherry chocolate stout recipe. He goes for 8 oz of cocoa (he says use Hershey's -- it has less fat than others which can cause problems). You can listen over at the Brewing Network's website. If you really want to brew a cherry chocolate stout, I think hearing his advice would be very valuable.
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