As long as the tire is not narrower than the rim then it will work OK.

You can use presta valves, but it is best to get an adapter to hold the valve stem more securely in the larger schrader hole in the rim (not the same as the pump adapter that allows you to use a schraeder pump with the presta valve, but you should get one of those, too). You can just slip the valve in and let it rattle around in the larger hole, but this can put stress on the tube near the valve and eventually cause a flat. If you can't find an adapter, in a pinch you can ask the LBS for a couple extra presta nuts and use two on each valve - one threaded right to the base of the valve stem and one threaded against the rim after the valve is put through, sandwiching the rim between the two nuts.