It would be iffy. Only a few phones currently offer any type of host mode out of the box and of those, i don't know if they supported powered hubs. Or, you'd have to find or build a custom rom with the proper drivers for both the hub and drive you wanted to use.
Personally, I do it wirelessly. I put the video files in a network share and browse to the share using ES File Explorer. Much simpler and I'm not tethered to a drive or wall socket.