Absolutely. That grease would also work well for just about all your needs on the bike. That's got everything you need. More than you need, actually. Good stuff. Wipe it around the threads on the pedal spindle, and also put a little on the threads in the crank. That way you know you've got good coverage. Wipe off the excess once you have the pedals thoroughly tightened. You know about the reverse threading on the left-side pedal, right?