I never like to mix materials that have different mechanical properties in this way, to carry the same kind of load at the same time. They might, or might not, reinforce each other. It's different in the case of, for instance, steel reinforced concrete, or glass reinforced plastic, where one material carries tension, the other carries compression. Here, you're asking both materials to carry tension on one side, compression on the other, as the mast flexes. But I don't have a definitive answer on this, either on theoretical grounds or from practical experience. It might work, I don't know, and the only way to find out is to try it. It would be necessary to use a timber with compressive strength equal to tensile strength, which means not the lighter softwoods.