Actually, according to the readme (and yes, you have to DL to read it) the HOP parts seem to be separate in the form of an alternate balance option like in G3. I haven't tried it yet.
So, you could just run it without and get the fixes without the additions.
edit: I asked Korianous, the author, about the relationship and this is his response:
"Alternative Balancing has scaled back the enormous XP gains from HoP, and the rebalancing is done in a bit more sensible manner. It doesn't cater as much to powergaming as HoP did. The monsters have been also rebalanced more thoughtfully, instead of incredibly tough, like HoP, many will have unique strengths and weaknesses. IE, some enemies may be completely unaffected by arrows, but incredibly vulnerable to blunt weapons. You'll just have to play to see . "