Unfortunately not (unless I'm doing it wrong!); because when HP hits 50%, all of the remaining icons will just become half hearts all at once.
I think in order for it to work, there needs to be some sort of option that goes together with 'Icon Value' where the multiple Value Bar settings only affect the latest non-empty icon being displayed, or something.
(So for example, I have 9 HP, and thus, 3 full hearts because I set the Icon Value to 3. I toggle this new option, and set up three Value Bar settings: 100%, 66%, 33%. (all of them have empty heart as the empty icon.
When I have 5 HP, it I should have icons like this: (|) () (__)
And only the second icon, since it is the latest non-empty icon, goes to its 66% value bar setting status. Or something like that!)