If you are going to reuse variables several times, it is definitely a great idea to cache them as you do.
.find() passing through the jQuery object that you pass in front of it, so it only looks at what is already set, which makes it very fast.
var $mainElement = $('#whatever'), $innerLIs = $mainElement.find('li'), $innerTDs = $mainElement.find('td'); // Now that these are cached in memory, doing anything to them is very quick $innerLIs.hide(); // etc etc
If we continue to request them, it will have to look at the DOM every time. And once this is completed, it will also wrap it in a jQuery object.
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