I have the HBE and LOVE it...but I've never had an mxr nor have I tried to emulate the "Van Halen-ish" sound. I have heard people say that it can do the phase 90 thing plus much more, so I'm guessing you'll do quite well with the HBE.
I have an EVH Phase 90 and it definitely nails the Van Halen sound, but that's ALL it does. It's a very thick, intense effect and since there's no mix or depth knob you can't make it more subtle. (The Script button dials things back a little but it's still a very intense effect). It sounds cool, but personally I probably would not buy one again...I'd prefer something a bit more versatile that could provide more varied flavors and subleties to the phase effect.