Yes, it would, actually, Jami. My pendulum is very powerful, but because I've inclined its power axis, it has a relatively small arc of movement compared with a horizontal power axis. That doesn't matter, because you operate it in a similar manner to the aux rudder/fixed main rudder. You shorten in on the line that's pulling the main rudder's tiller to weather, so that the pendulum is staying within its central arc of movement but the main rudder is at an angle of weather helm. This is similar to setting to fixing the main rudder at an angle of weather helm so that the smaller aux rudder is able to stay within a small angle of incidence and not stall out. That's the story upwind.
Downwind, it's a different story. A fixed main rudder is giving you passive resistance to yawing, like a skeg, as the aux rudder is making course corrections as the swells roll underneath. Whereas a pendulum is actively sensing the yawing, and making the main rudder actively fight against a yaw. In both cases, though, there is no biassing applied on the main rudder or the steering lines - they are both centralised.
Note how the Hydrovane has a knob for adjusting the ratio of vane angle/rudder angle movement. This will be for tuning the performance for different conditions, and is probably the reason why the Hydrovane is liked and preferred to the pendulum gears by some sailors, but it would be difficult to steal that idea and apply it to a home made gear. The Hydrovane scores most highly over the pendulums with wheel steering, which cripples a pendulum's performance, whereas an aux rudder is unaffected. With tiller steering, I reckon the pendulums to have the edge.
All in all, my money's on a pendulum like mine as the best bet for your particular configuration of stern and rudder, but I have had (in the dim and distant past, so I don't remember it well) "good enough" performance from an aux rudder and inclined axis vane.
Note what I've described here about a peculiar effect that I found with insufficient inclination of the vane axis, or none - if the boat rolls to windward, the vane axis can actually go negative, and then the vane can go unstable and throw from full angle one way to full angle the other way, with chaotic results. Stick with an inclined angle vane axis, not a Belcher-style horizontal axis.