I have used pelletized lime a number of times. It works fine. I use it when the lime trucks are delayed by weather or schedule or for locations where the trucks can't get. I prefer ag. lime in bulk as Greg says. One thing to check is the strength. Some pelletized lime is 2 to 3x stronger than ag. lime so that needs to be checked and factored into the amounts. Pelletized lime is not hydrated lime which we do not use for general purposes. It is discussed in the link below.

Here is a good link on lime from Univ. of Fla.:

http://edis.ifas.ufl.edu/FA028