Jon:
No just need the 12V supply for running the HM. 5v supply is recommended for initial start up in case you have a short so you will not fry you Pi.
12V to run once you have it checked. Never plug in both power supply's in at the same time.
Sam
This from Brian's HeaterMeter 4.x Software Installation page; "....Insert the SD card into the Raspberry Pi and power it up using either the 12V barrel jack on the HeaterMeter board or the rPi micro USB power input. Do not hook up both at the same time! For the first boot, using the rPi USB power input is preferred to verify the operation of your assembled HeaterMeter board without the chance of subjecting the rPi to 12V which will definitely fry components on it. I know from experience."