It will work fine as long as you run a lock or a bolt with a nut on it through the hole to secure it. Otherwise, some animals (such as raccoons) will figure out how to open it. I've always used slide bolts on my coops. Even the raccoons don't seem to be able to figure out the double action needed to open them. Hope this helps.
I have the same lock do yourself a favor and tie a string to the top hole and drill a small hole through the wall and attached on the inside, trust me you don't want to lock yourself in the coop when the wind blows the door shut,I learned the hard way, I use a caribeaner as a lock on the bottom hole.