If you mean hierarchical in the tag browser then the answer is yes. Put periods in the permitted values. This process that will be painful because you must replace the original values with the new values. I would do this by first "mark"ing the books with a particular value, change the value by adding dots, then using bulk metadata edit to change the values. Alternatively, start over with a new column.
Once the column is prepared, go to Preferences / Look & feel / Tag browser and add the lookup key for the "text with fixed values" column.
Just as with the "normal" hierarchical columns you won't see the hierarchy anywhere other than in the tag browser.
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