I don't think it's a problem. If you pack enough grease the excess gets pushed out around the seal and through normal use grease gets pushed out towards the seals, so there's always some barrier. Use some waterproof marine grease if you're so inclined.
/not scrod
Maybe ask the MTB forum for their opinions on loose ball hubs.
Last edited by hairnet; 12-24-11 at 06:02 PM.