Yup! And you can do the same thing with your bottom bracket and headset, too. If you can overhaul your hubs, you can do those other bearings as well, no problem.
Note that those four bearing locations may use different sized ball bearings, or they may use sealed cartridge bearings which need no service. In that case they only need to be replaced when there is play, and your bike shop can sell you a whole new cartridge to pop in.