Ah Grease
Right
First off, colour doesn't matter, that all depends on the manufacturer and the base "filler" that is used.
For parts with surfaces that are moving at over 0.3m/s/m^2, basically wheel bearings and propshaft UJ's a good quality wheel bearing, high melting point grease should be used.
for lower speed applications (King pins, steering) a "heavier" grease such as BP Energrease LC2 can be used, benefit of being high melting point and "waterproof" helps.
However
For 99.9% of vehicle applications a good quality wheel bearing grease is suitable for all applications.
There should be no problems regarding chemical incompatibility with old and new greases.
ALWAYS make sure your grease nipples are clean before pumping grease into the component.
Mr Dalton is correct, if possible try and grease the component with and without load.
DON'T pump it in too fast, you can damage seals if your not careful
DO wipe up the excess otherwise it ends up in the strangest places (like the living room carpet) and traps dirt.
HTH
Malc