I don't see why it wouldn't work, although it would almost certainly raise the temperature of your GPU water loop. Either that or you'd need a huge heat exchanger to move much heat with only a few degrees deltaT.
No you just need a water-air heat exchanger to provide supplemental cooling downstream of the hot tub heat exchanger.
GPUs ---> Pump ----> Hot tub heat exchanger ---> Water/Air heat exchanger ---> back to GPUs
Would you though? If it takes x amount of watts for a hot tub to maintain temperature of y with it losing heat to evaporation/convection then so long as you input x or less watts then your water temperature won't exceed the original design. Issues would arise when you add more than x amount of watts to the water in the hot tub. Then the temperature would rise until the increased delta t between the water and ambient air caused an equilibrium to be reached through evaporation/convection. This isn't an issue for a heatsink but it is an issue for a heatsink that humans would like to enjoy sitting in. In that case then it would make sense to run a water/air HX before the hot tub so that you add less than x watts and then supplement to reach x watts.