I'm curious why you are committed to the Bay II hood for using a polarizer? You can't take the filter on or off without removing the hood, you most likely can't see an index mark for rotating it while in place with the hood.
I'm assuming that you will put the filter on the viewing lens, find alignment, then transfer it to the taking lens.
I used a Bay I to 52mm adapter when I used a polarizer with a Rolleiflex. I already owned the 52mm filter. I used a round lens hood attached to the polarizer for this setup. Although both the 52mm adapter and the hood overlap the viewing lens, I don't notice any problems with focusing and framing.