Using a 555 timer and 14-stage binary divider for 2 hour timing circuit
Yes, 1Hz is a reasonable frequency for the 555, especially for the CMOS version. But it may not be optimal. 

The temperature stability as an astable multivibrator is typically +/-150ppm/°C for the bipolar version, provided the Ra is between 1K and 100K. To stay in that range, implies a capacitor of the order of 10uF, which is a large and expensive film capacitor or a tantalum capacitor. It will operate with higher resitances, but the stability will generally be worse. 

Various CMOS versions such as the LMC555 have improved temperature stability (+/-75ppm/°C typical) and you could us a resistor more in the 1M range and therefore a 1uF film capacitor or even 10x 100nF NP0 ceramic capacitors in parallel. 

If you're using the bipolar version it might make more sense to add divider stages and operate at a higher frequency such as 50-200Hz. It also makes it easier to trim the oscillator if you have a reciprocal-counting frequency meter. 



As to whether the dividers will work- yes, they're virtually all static and will work down to DC provided the clock edges meet specifications. The only exceptions that come to mind are GHz-range prescalers that won't work at lower frequencies (like &lt; 50 or even 500 MHz). 
If the divider you pick does not have a schmitt-trigger input then the rise and fall times may have to be fairly fast, but the 555 will produce adequate edges generally.