lilliput, your post got me thinking... say the room starts with no reheat and no CHW, and is at 45% RH. With a constant moisture level in the air, and when temperature starts to drop, the room RH goes up. The CHW valve opens to further reduce temperature but could also further increase relative humidity (with a constant moisture content, temperature drops, RH rises). When the room gets too cold, the reheat comes on. I would be concerned that both would run full-bore perpetually during dehumidification.
Initial condition repeated: Room starts with no reheat and no CHW, and is at 45% RH. With a constant moisture level in the air, and when temperature starts to RISE, what's to stop the rise? When temperature rises, RH goes down so then your cooling source would be disabled.
The controls would be interlocked. Changing one would affect the other, and vice-versa. This could turn into a one-foot-on-the-brake and one-foot-on-the-gas control that could lead to disastrous energy use during dehumidification and no cooling when needed.
If the CHW (or DX) always maintains a 55°F outlet temperature prior to the reheat coil and the HW controls as necessary to satisfy the room thermostat, I think that control would prevent these problems and perform better.