I believe that if you connect both a card reader and hdd via a USB OTG hub you can transfer between the memory card and HDD. Whether you copy the files to your tablet first then to the HDD or copy directly probably won't affect performance much, because even when copying directly to the HDD the tablet has to read the file off the memory card then write it to the HDD. The only benefit is you don't need all that free space on your tablet to do the copy, as only one file gets transferred at a time.
The problem you will have is that the USB OTG hub will probably not provide enough power to spin the USB HDD. If your HDD did not come with a 12VDC or 120/220V AC power adapter you will need a USB Y-cable, USB A to B extension cable, and a power source (USB car power adapter, 120/220 AC wall outlet power adapter, or a USB power bank) to make the HDD work.
If you can work using SD cards instead of CF you can get a USB OTG hub that also has an SD card reader built-in, saving you one bit of gear.