Not if you acutally want to enjoy yourself!
The road to Hana (and back) can be done in one day if you like, however if you have the time, staying the night in Hana is a good idea. It's a long drive, that can be slow depending on the traffic - but definitely worth it. Giving yourself more time also allows you to see much more at the Hana end like hiking up to the pools of Oheo.
Try and get up to the top of Haleakala for sunrise - it's freezing, so wear warm clothing. The sunrise is amazing! about 6 years ago