I would say he has a good chance. And this is a new power for Bankotsu, I'm unsure how well he'd fair against Hiei. Likely he'll accomplish breaking the trances but I will ask that Hiei doesn't do this right away and let's the event go on for awhile, or just keep it down to a select few.

Likely is Bankotsu feels Hiei doing this he'll go check him out. Ban won't be easy :V he is powered by Lucifer and he can now use his demon sword to it's full abilities again. For the sake of the boss fight I can also say he used Lucifer's abilities to escape this encounter if Hiei is close to winning. He can finish him off there.