The hood is used to block bright light sources from creating flare when they're just out of your frame. The polarizer cannot perform this function for you. However, when using a polarizer, the sun shouldn't be so near the framing. To get the maximum polarizer effect you need to be rotated 90 degrees away from the sun. For example, if the sun were directly overhead, then the entire horizon would be the area of greatest affect. When you're pointing in the right direction, you shouldn't need a hood because the sun should be well out of the frame.
So you can leave the hood off until you find yourself wanting to get a shot with the sun just out of the frame. Then you can put the hood back on. At that point, the polarizer probably won't do much because of the angle to the source, so you don't have to worry about turning it.