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
Joyful in hope, suffering in tribulation, be thou constant in thy prayer.
Benedictis, qui venit in nomine Domini. Osanna in excelsis.
"Blessed is he who comes in the name of the Lord. Hosanna in the highest!"