Yes @Niranjan, is possible to use both GID and DynHUD, all credits goes to @Martin Vindis for his explanation below
1) Before installing GID rename the default d3d9.dll file of DynHUD to something like d3d9_DynHUD.dll
2) Install GID, then open GIDPlugin.ini and replace the line that say OriginalD3D9Dll=DEFAULT to OriginalD3D9Dll=d3d9_DynHUD.dll. Save and exit
4) Go race!