Hi Andy,
The bearings will fail quite quickly, as the engine heats up the hot grease will get past the seal and there will be no lubrication at all.
Better to leave the bearing open and as close to the crank as possible so that it can get some mist from the crankcase. Most racers space the bearings so that they seat against the crank and use seals outboard of the bearings.
Good bearings will last a couple of seasons racing even with the highest of revving engines, a low revver will last 4 or 5 seasons. I use standard sized bearings and have no problem with them at all, some of the top racers modify to larger bearings... your choice.
See the drawings on the www.bsabantamracing.co.uk web site under bikes/tuning/general preparation, plenty of info there.
Cheers,
Alan