i would be leary of any automotive or marine grease for the mear thought of increased friction. i think we ALL can agree that an automotive grease is plenty sufficent for the meager loads placed upon a bicycle, but lets face it, petaling sucks.
most people go to great lengths to reduce petaling effort, they run 100psi skinny as my thumb tyres, 24 speed+ trans (more than a big dumptruck) with non oringed chains and wheel/crank bearings so tiny they dont even come with seals to keep out dirt and water. the balls dont even have cages! cages who needs them.
i dont understand why would you guys consider using wheel bearing grease in a bicycle? i would personally use the thinnest grease i could find that didnt run out of the hubs overnight. i would even sacrifice some bearing and chain life if i thought it would reduce that petaling effort any.
personally, i havent found a grease thats thin enough yet. ive toyed with the idea of dribbling a few drops of atf or gear lube on the bearings each time i go out. that would be real easy sence theres no bearing seals so i wouldnt even need to take the wheels off the bike. just lay it on each of its sides and drip a few drops in.
my chain gets used atf, cables do too.
bearings and chains are cheap. have you guys priced them at a local bike store? i think you could replace the chain and every bearing on the bike for under $30.
the only place i could see using real wheel bearing grease is on the steering stem and maybe the v brake pivots, some derailer joints, etc. those areas wont change youre road speed like the bearings and chain.