Hi Dave
I will assume you want to end up flush with your hardwood and that the hardwood is 3/4". Were I you under the tile I would use:
1/4" CBU and use extra thin set to make up the difference in the low spot and then cover that with a liquid crack membrane.
or
Schluter Ditra XL.
Technically the CBU is not meant to be thin set only (witch you would be doing over the old hearth area) so the Dirta would be more correct. Either way you do run a risk of problems with the cold joint between the the ply and old hearth. It will probably be O.K. But I would not guarantee such a job.