As you place your hatch, you can easily switch from picking points to selecting objects. First define the hatch in the Hatch and Gradient dialog box (the BHATCH command). Then choose either Pick Points or Select Objects to return to your drawing. Start placing the hatch. Then, to switch methods, right-click to open the shortcut menu. Choose the option you want.
You can also undo your last select/pick, change island detection mode, and preview the hatch.