If your rim is not rubbing your brakes, go for it. Racing downhill, I have had some horrendously untrue wheels. Im sure if you ride it a bit, then throw it back on the stand, you should be able to fix most of your problems.
/notscrod
EDIT:
If you just bought brand new wheel components, don't follow my advice. Only do what I said above for crappy components you don't really care about.