Should work fine, but you will get all kinds of flak for using anything by MG because it has time released fertilizer in it. You could do alot worse than MG products ime though, so have at it.
Here is an alternative I found in my travels. They ship and the more you buy, the more you Save.
I mixed in some Miracle grow perlite. I rinsed it very well. I smoke a batch once from miracle grow. Gave me splitting headaches. Can't say it was the miracle grow, but haven't had the problem since.
Just gotta go easier on the nutes at first. I like the Idea of maybe thoroughly washing the soil first to leech a little of the prenutes out. But if MG is all you can get, it'll work swell.