Short term alliances to weaken the Sassanians are one thing, but I doubt the Great Houses would view Hephthalite overlordship as acceptable or legitimate in the long run. This basically means either the Hephthalite rule over Iran will be short lived, or vice versa.
While I agree, odd things often occur. If I was to predict history, I would not have imagined the Great Houses to have accepted the Sassanids as kings for over four hundred years. Otl, the notion that the Sassanids were holders of the Eranshahr was more of a joke at times among the Great Houses than any real assertion of devotion mutually between the powers at be in Eranshahr.
In otl, the Great Houses of high power considered the Persianite Sassanids to be of low caste and of poor nobility. In periods of strife, the Great House, the Ispahbudhan, the closest to the Sassanid in relation, remarked that the House of Sassan was begun by a lowly Persian goat herder and one with poor bloodline. Meanwhile, the Ispahabudhan, heirs of the Arsacid, children of the Dahae and having mixed with what was to them, matrilineal descendants of the Achaemenid kings of old, were the true lords of Iran. Teh Sassanid kings were put into position over and over not based upon any merit of the Sassan house itself, but as a sort of truce between the Great Houses, who unwilling to put any of their number on the throne, accepted the lowly Persian Sassan house on the throne as a way to negate the throne and for them to all dominate it jointly.
The Hepthalshahs comparatively, were powerful and their capitol territories lied far to the northeast or east away from the ability of the Great Houses to simply coup the government when they felt a distaste. Furthermore, the Hepthalshahs ruled lands that were traditionally the properties of Ispahbudhan and Suren, including the former Arsacid burial grounds in Parthia. Such a situation was untenable.
As such, I do not believe it is impossible, only that it is not extremely likely for the Great Houses to actively choose the Hepthalshahs over the Sassan House.
This will make any long term partnership between the Iranian ruling elite and the Hephthalites very tenuous indeed, since I don't see the nomadic coalition they lead acting with much restraint.
It may be possible that the Great Houses manage to let the Hepthalshahs loot and pillage Fars, Elam and Mesopotamia and yet avoid their holdings, which aside for the Suren, are overwhelmingly in the north and central parts of the Empire. Otherwise yes, the Great Houses would be more than willing to raise up into war should they be targeted in looting and will revive the Sassanids and reaffirm the confederacy and present a large threat to the Hepthalshahs. Otl, this nearly occurred in the Islamic Invasion at Nahavand, where despite lacking the morale and initiative and likely being outnumbered, were able to nearly defeat the full vanguard of the Arab army.