Hmmm... never used the heliopan version, but I had made my own version stacking 2 polarizers once.
If the heliopan version allows you to move both layers of the filter independent of each other, it could work. It would be as if setting the rear polarizer (closest to the lens) to the correct angle to polarize the reflected light(and therefore reduce reflections), and then turning the front polarizer (farthest away from lens) to your desired ND density.
If the heliopan version only allows you to move the top polarizer, and the bottom one is fixed(which would make it a slimmer design and reduce the chance of vignettes) it probably wouldn't work.