Yes.
I'm not 100% sure of the security of this though. It seems to work over WEP (which is less secure than WPA etc). There are some reports that you need to specify WPA *or* WPA2. Also, are you planning on using the WRT54GLs for laptops etc?
Useful reading from Google of: secure wireless bridge wrt
http://www.dd-wrt.com/wiki/index.php/Wireless_Bridgehttp://www.linux.com/feature/58336http://unitstep.net/blog/2007/10/21/usin...ireless-bridge/
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LittleBlueThing
Running twin 30's