Norway is a rule taker that pays into the EU without any influence. They’re also tiny and they know it. This is said with love from a neighbour who would love to see Norway join the EU.
I don’t think the UKs collective ego would allow them to join on Norway terms.
Yeah, all EFTA members have veto rights towards new members, and you’re pretty much correct but it’s even worse. The UK economy is bigger than all other EFTA countries combined. There’s no way they’d let the UK in.