It should work fine even with mountain bike gearing. As Shiggy mentioned, the wheels with a narrow tire will fit just fine. I have a Kona Dew Deluxe hybrid with 32c tires and tried them out just for grins on my full suspension. The front wheel fit with no issues. The rear wheel rubbed, but barely. I would be willing to be there are other bikes out there that would have fit my tires.
As for gearing, I disagree with damion. The 44-11 top gear is not going to work the best, but its alright. I have an old Trek road frame that I converted into a hybrid. I am running mountain cranks and the only time I spin out is going downhill at 30mph or faster. Most people I know can't spin that fast for prolonged periods of time on flat ground, so that shouldn't be a big deal.
By the way, I know you aren't running rim brakes, but those Mavic Speedcity wheels allow you to do so with the adapters that relocate the brake mounts.