Simple enough question-- can a Shifter Blood Hunter with Order of the Lycan use their Hybrid Transformation concurrent with their racial Shifting ability?
RAW, there is no specific issue with having both the Hybrid Transformation from the Blood Hunter Class and the Shifting ability from the Shifter race. The Order of the Lycan Blood Hunter can transform as a bonus action and maintain the form for a maximum of an hour (unless you are high enough level to gain the Hybrid Transformation Mastery feature, which allows the form to last until you end it yourself, fall unconscious, or die). During this time, you have additional bonus actions, which can be used to then activate the Shifting racial feature. The effects of the Shifting feature last for the next minute, which is much shorter than the Hybrid Transformation feature from the class, but RAW the two effects should be able to overlap.
As for if it is theoretically possible or lore accurate, it should be fine as well. All humanoid creatures can be affected by the Lycanthropy curse, as written in the Monster Manual (page 207), and Shifters are no exception. Lycanthropy also does not take away racial traits unless specifically stated, as per the Monster Manual (page 208), so there should be no reason the racial feature should disappear or become unusable. The Hybrid Transformation feature states that it replaces the rules for the lycanthropy curse, but also has no mention of taking away racial abilities, so we can assume that the effects are able to overlap.