Join Date: Feb 2009
Location: Columbus, OH
Bikes: A beautiful columbus steel frame, 1986 Schwinn Voyageur touring bike, Currently Undergoing Overhaul
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I would stay away from bacon grease.
Actually, I'm not sure what you meant about "old grease" but what kind of mileage are you getting on your bearings before overhaul? Sheldon explains this pretty well, that even just slightly too tight can cause premature wear on the bearings.
I've used Pedro's Syn Grease, Finish Line Teflon, and Generic Marine Grease, and I can't tell a difference, wear or performance. If it is waterproof you should be fine. And, I use that same grease in my BB, headset, etc.
If your grease is "old" as in, you've left it in your hub, than clean it out more thoroughly.
Oh, and by the by, spring the extra dollar, and get some Grade25's.