[eluser]CroNiX[/eluser]
Haven't tried this, but you might try:
1) In your callback, if validate_host() is TRUE, return TRUE and you're done, else
2) Run it through the valid_ip() rule, like $valid_ip = $this->CI->form_validation->valid_ip($str);
3) If $valid_ip === TRUE, return TRUE, if FALSE, set an error message for "validate_host" (as opposed to valid_ip since validate_host is the name of your callback rule) and return FALSE. I don't think it will automatically find the error message for the valid_ip rule since it wasn't set up as an original rule in form_validation:

et_rules();
Again, I haven't tried this.