I guess the new alxe is a 10mm threaded one and there is a load of clearance between it and the bearing. Which is bad, but not terminal. I guess you also put lock nuts on the inside as a "lip" substitute. Which should be fine if they're in the right place. If you haven't, then you've probably got a lot of lateral load on the bearings so they will wear out faster. It is really casual, but I don't see why it wouldn't work ok for a bit. The only (really unlikely) way I can see you killing yourself is if you can get the bearing to disintegrate or walk out of the hub while you're traveling at speed.