low power arduino atmega8L/168V

I have an ATmega168v-10PU chip sitting here on my desk.
I'm planning to put the Arduino bootloader on it using my USBtinyISP (USBtinyISP - Inexpensive USB AVR Programmer), but I have a couple questions of my own.
Will I be able to use it in my NG board? I think that if I change the bootloader and the makefile so that it runs at 8Mhz it should be OK.