Yes, you could make that kabbalistic correlation. I would include the last "Hei" with Yesod/Malkuth, since both Sephiroth depend upon one another.

There is also the following:

Iod = Atziluth: Kether, Chokmah, Binah
Hei = Briah: Chesed, Geburah, Tiphereth
Vau = Yetzirah: Netzach, Hod, Yesod
Hei = Assiah: Malkuth