I don't think so, because I think that the HP<->MP swap is calculated last after all the modifications to HP and MP take place. Here, let me show you:

Let's say you naturally have these stats.
-- HP:1000 MP:100.
Now you attach an HP<-->MP materia.
-- HP:100 MP:1000.
Now you attach a mastered HP Plus materia. The HP calculation would have to be redone.
-- HP:1500 MP:100
-- HP:100 MP:1500

No matter what order you put these two materia in, it would consider the HP Plus to be attached before the HP<-->MP. However, if you used a mastered MP Plus materia:

-- HP:1000 MP:100
-- HP:1000 MP:150
-- HP:150 MP:1000

So you can improve your max HP after you use an HP<-->MP materia. But I don't think you would be able to improve it past 999 HP, since HP is now considered MP, and vice-versa.