Yes, that is true, along with the revisionists' other bugaboo of putting experience on the level with the rest of the three.
Perhaps, I sound a bit harsh, but all of these people that use this construct that I talk to and hear about are enemies of the Gospel and the true traditions. Tradition to most pew people seems to be confined to the way THEY have always done things without reference to the Church.
Interestingly I found that Hooker isnt' the one who came up with the 'three-legged-stool' expression:
Those who know Hookers writings know that he did not use this modern expression. There is only one place in his writings where he seems to come near to asserting this 20th century formulation:
What Scripture doth plainly deliver, to that first place both of credit and obedience is due; the next whereunto is whatsoever any man can necessarily conclude by force of reason; after these the voice of the Church succeedeth. That which the Church by her ecclesiastical authority shall probably think and define to be true or good, must in congruity of reason over-rule all other inferior judgments whatsoever ( Laws, Book V, 8:2; Folger Edition 2:39,8-14).
We notice that he speaks of Scripture, reason and the voice of the Church, and in that order.
Taken from here: http://www.episcopalian.org/pbs1928/Articles/Hooker's%20stool.htm