While for a bearing that should work just fine.
I'll give you a little fyi
comparison of Mobil 1 vs. a standard oil....Back in the day (1997-2002) when I ran 1/24 slot cars many classes required the use of oillite bushings. If you were to or ever have applied heat to one of these you would actually see them excrete fluid/oil as you heated them. Some bushings you could buy were MUCH harder and smother BUT the use of anything other than Mobil 1 or an equivalent synthetic oil would cause them to cease onto the axle from the friction.
Pointless when talking about bearings but my point is that there is a difference between Mobil 1 and a standard oil. As far as a high heat/pressure application is concerned.