This comes up every now and then, I think there are lots of threads on bearing grease if you search. It looks like you might be searching now.

Short answer is yes it will work, but lithium grease is thin and soft and doesn't last as long as other greases. Would recommend some sort of bearing grease. You can get marine grease in a big cylinder (cheap and works fine) or get grease from a bike maker (Phil Wood, Park Tool, etc.) in a smaller tube.

I don't know your bearing size. Tell me about your hub if you want to know. Many people replace the bearings each time they repack the hub with new grease, but I only replace if the bearings looks scarred or pitted.

Edit: this is a good thread on the subject:
http://www.bikeforums.net/showthread.php?t=159732