So in this case with the trunks setup am i gaining anything in this setup or just adding more overhead? If i removed the trunks on the ports of the hp pswitch and then attempted to change the LB policy back to the default of "orginating port id" would i be better off?
As a previous comment mentioned, if you have Enterprise Plus a solid choice is using "route by physical NIC load". If not, you should analyze your traffic patterns to determine if the port channel is effectively using both uplinks or not. If it looks like one uplink is being highly favored over another, I would disolve the HP trunks and change the teaming policy back to "virtual port ID".
If the traffic looks balanced as is, no harm done to leave it.