It should do, and it's what you'll want to use.
As well as noise digital cameras pick up a lot of hot pixels in very long exposures. The long exposure noise reduction takes a second exposure of the same length (or thereabouts) with the mirror down, then subtracts that exposure from the first... Reducing the appearance of hot pixels.
The other fun problem is battery power. The longest I've managed with my D200 is 3 hours (~5 hours with long exposure NR), and that's with two fully charged batteries. You should be fine for an hour or so, though.
edit : wrong kind of thing, Cedric. the long exposure NR feature on Nikon's dSLR's will only reduce (or eliminate if they aren't too prevalent) hot pixels & heat related issues (purple haze near the edges of the frame, different between SLR's and only an issue with really long stuff). It won't make a jot of difference to actual traditional noise.