There are four sections to consider: the lens, the sensors, the processing, and the codecs.
In the HPX250 and AC160, the lens and the sensors are the same, so no worries there.
The codecs are different, but in reality that shouldn't stop you from being able to match them, as they both have pretty good codecs (the AVC-Intra being the best codec available in any camcorder, and AVCHD being surprisingly good) so -- if both were fed the same image, then the different codec shouldn't stop you from being able to intercut. Obviously the AVC-Intra will have higher color resolution and deeper bit depth, but I think you'd be able to intercut pretty well anyway.
The processing, though -- that's different. They use different processing engines, and that results in different imagery. Not vastly different, and in many ways you can tweak them to look just like each other, but there are some ways in which they're just not going to match. Highlight handling, for one -- the HPX250 rolls off to white much smoother than the AC160 does, the AC160 behaves just like all the other AG-series cameras in regards to chroma clipping but the HPX250 is different. DRS is also handled VERY differently between the cameras, so if you're not using DRS that's not a worry, but if you use DRS, they just aren't going to match. The HPX250 can also still use the knee when in cine gammas, the AC160 can't, so that'd be another difference.
Can you make them match? Yes, I believe you could tweak them to get them very, very close. Just be aware that it's not going to be automatic, you can't just set all the settings the same and assume that they're going to match, you'll have to break out a monitor and tweak them side by side to get them to match as best as possible. And you'll have to avoid scenarios where their different processing would make them look notably different (DRS being the main one). But with a little effort and some common sense, I believe you'll be able to get them to match very well.
Off topic a bit but, I was wondering if your HPX 250 manual is available in digital form. I have your book, and others, but it would be great to have it on my ipad and be able to search specific topics. I would gladly pay extra for this convenience. Is there something I don't know?
I am very curious about matching those two cameras as well. The times I normally need multiple cameras would be weddings and theatre/dance. 1 hpx250 with a couple ac160s. Are those situations where it'll be tough to make them match? Also (another scenario) if shooting SD mode, how likely is it they'd match up with dvx100s.