Yes you can sync the timecode between a DVX and an HVX, as long as you're shooting DV on the HVX.
The sync won't be 100% accurate though; any time you switch modes on the camera you lose a couple of frames of sync, or if you power off to change batteries etc., it'll lose a bit of sync. So that's why I always shoot the other camera's timecode display off its LCD, so the editor can see exactly how much difference there may be between them.
Look in the manual under 1394 TC IN on the HVX, that'll tell you how to do it.
You'll need to check on that TC as often as possible. After turning the camera power off, you will need to rejam it will not hold sync. My method is to rejam when changing tapes or every two hours(clock time) and every time I turn of the camera and every set-up and when we come back from lunch and whenever....you get the idea. I check or rejam as often as time allows.
It will help, yes. But the thing is, every time you toggle between camera mode and MCR mode, it loses a couple of frames. And you *must* toggle between them, because you sync by using MCR/VCR mode, so you have to toggle at least once.
In summary, the feature is far better than nothing, but it is flawed. I still say always shoot the other camera's LCD/timecode display so you have a point of reference for the editor to know exactly how many frames (if any) it's off from the other camera.