Can I use SN65HVD78 receiver to take an LVDS signal ? Are there any concerns ?
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Yes; the voltage over the LVDS termination resistor is about ±350 mV, which is enough for the SN65HVD78.
However, the typical voltage generated by a RS-485 transmitter over the same resistor would be about ±2 V, so you have a smaller noise margin than in a RS-485 system.
The SN65HVD78 is characterized up to 50Mbps. By TIA/EIA-644 standards, LVDS has a maximum signaling rate of 655Mbps. Note that if you exceeding the maximum signal frequency as listed in the datasheet (50Mbps), we can no longer guarantee the electrical specifications of the device.
Clemens stated this, but LVDS can create a differential of +-350mV across a recommended 100ohm termination resistor. This differential voltage is greater than the RS485 standard of +-200mV.