Personally I'd go with a waterproof grease. Will it work? Sure. How long? I have no idea. I figure if it didn't matter, my lbs would go cheap, but they use Phil wood grease on everything. A tube is 12 bucks and will last you probably a lifetime unless you start rebuilding wheels as your next career. I personally consider it a 12 dollar insurance policy. Oh, make sure you adjust the cones properly, over tighten and it won't matter, you could have 100 dollar grease in there, If they're too tight, you're going to have a bad day.