It will work, but I have found I am much better off using some of the higher quality wheel bearing specific grease that is out there. You also have to watch your shelf life in the event that it is an older bucket of grease.
I was using grease from a bucket, but started noticing that I was having to pack my bearings annually, and that they had taken on corrosion. This was on both my Dodge diesel, and right down to my 1/4 ton trailer. Then I realized the bucket was now almost 15 years old. I am now using the green wheel bearing specific grease from Cdn tire ( Lucas brand) and can tell you that it's well worth it. I am no longer having to change bearings annually, and for that matter am starting to extend the frequency of wheel bearing repacks.
http://www.canadiantire.ca/en/pdp/lu...0407p.html#srp
When I first joined the military, we used GAA (Gresase, automotive and artillery). There wasn't a lot of good I could say about that stuff...it seemed to freely mixed with water. Around 1990, there was a new GAA introduced to the Cdn Forces: synthetic grease. At the time, I had responsibility for a couple of MLVWs that seemed to ruin their bearings annually or sooner. Once I changed over to the new synthetic, that stopped. As well, the synthetic was still workable down to -50. The regular EP1 is solid at around -20. That means no lubrication at cold temps.