I'm brand new to Verizon so I'm not sure how these offers work for current customers, but have you contacted them (Verizon Customer Service) directly to see?
Your best bet is to call Walmart Wireless and ask. My assumption is that your answer will be "yes". I'm guessing you will pay $99, plus $35 activation, and will have to sign either a one or two year contract, and will be required to purchase Verizon's $30/month rate plan.