No problemo.
Per the book:
1. The first step (after repacking of course) is to torque the inner adjusting nut down to 50lbs while turning the wheel/rotor/drum. This seats the races and squeezes out excess grease which can skew the readings.
2. Back off 90 degrees, or 1/4 turn. Don't worry about the looseness at this point.
3. Install the lock ring so that the pin on the adjusting nut slips cleanly into any hole. If one does not line up, it's ok to either flip the ring (the holes are offset) or reach in with a finger and turn the nut just slightly to line up with a hole.
4. Install outer locking nut and torque to a minimum of 75 lbs. The actual torque value changes depending on who's book you're reading, but the average is between 85-105, with as little as 70 read somewhere and as much as 150 read in other books. I like the 85 to 105 spec myself, and think I remember reading that in a Ford book.
When the outer nut is tightened, the excess play in the bearings will disappear and the final specification is something like .006" of play. No preload is specified, though some prefer to do this.
Paul