That sounds possible.
@grumpyoldgit since the micro usb port only contains the pins for power, it is not possible to use it for data transefer, so in theory, you should be able to power it through one and then plug a male to male usb cable to be able to use the other ports for things.
However you have to keep in mind that the model A requires 500mah and model B requires 700mah, so make sure the usb hub is capable of supplying sufficient power. From what I"ve seen, most hubs only give out 500mah, if you can find one that can give 700mah or higher (the rasberry pi will only take as much power as it needs) you should be ok.
Also make sure to check how much power the devices you plan on using require, usb memery sticks should be ok, but portable HDD"s will have problems, however external HDD"s have their own power supply.