Yes they will get along since each work differently.
A HOSTS file
will prevent your browser from visiting (connecting to) the sites included in the HOSTS file and by extension block ads, banners, third-party Cookies and browser hijackers.SpywareBlaster restricts the actions of potentially dangerous sites
by adding a list of sites and domains associated with known spyware, advertisers and marketers to the browser's "Restricted Sites Zone". More specifically, SpywareBlaster adds sites to the restricted zones by adding the domain as a subkey under the registry key: HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Internet Settings\ZoneMap\Domains. A dword is then added to that domain named * and given a hex value of 4 to specify that it is part of the Restricted Sites Zone. More specifically, Spywareblaster sets the "killbit" on the CLSID (Class ID)
of known spyware. Every program has a CLSID that is unique to the type of program. Once Spywareblaster enables (writes) those killbits they are "locked in" and any identified spyware cannot be opened. Spywareblaster writes these killbits in and then stays off until you need to re-write them again with an update.
SpywareBlaster Hosts Safe
allows you to store encrypted backup copies of the HOSTS file which can be used to restore (roll-back to a previous state) if the HOSTS file becomes corrupted or altered by malware infection.
With that said, you should always enable all protection in SpywareBlaster after updating it and after installing other security tools which could possibly affect any of it's features.