Probably not. (But if you have time, I welcome you to try and compare.)
As you're saying yourself, the processing thread will likely just spend most of its time waiting on the reading thread. And -- more importantly -- it's likely you're complicating your software for very little gain (see "premature optimisation").
This doesn't mean the idea is bad. Let's suppose your computation is very computationally expensive and the place you're reading from is very slow (e.g., dial-up modem). Then yes, you could benefit from splitting the reading and doing processing in different threads, so neither has to pause for the other as much as possible. You're still bounded by the slowest of threads and given a lot of data one of the threads will eventually have to wait for the other.
Note on nomenclature: I made assumption that instead of "hyperthreading" which is a market name for a processor hardware feature, you really meant "multithreading" which is a programming concept.