Hi Yogaman,
don't worry about the heat. like the others said, most of the time there is a breeze, maybe during the night when sleeping you will be a bit hot, but u get used.
Be shure, there will be other freedivers, i guess there is no saison in dahab without some of them ...
Concerning your trip from Cairo to dahab, I would definitely go for the bus, i did the trip twice, was never a problem, you can go overnight as far as I remember, and you have the opportunity to whatch some really exciting arabic movies in the bus tv which gets never switched off

. Just ask for information at the airport. I dont remember anymore wether the bus leaves from the airport directly or you have to go to a bus station.
As Marwan said, you have to buy a visa for the Sinai, but you get it at the airport. Travelling by bus in any case will be cheaper then flying from Cairo to Sharm, I dont think you will find a cheap flight easily, but if you do, of course thats the comfortable option.
No walking to the Blue Hole, too far! Not even to the Canyon, half way.
Take a taxi, find out the usual fee (quite cheap) before taking it the first time, otherwise u loose all your money for this first taxi trip

...
I dont like the taxi trip to the Blue Hole (almost half an hour), if you sit in the back of these crappy oldtimer jeeps you almost soffocate from the exhaust gases swirling around your head. Therefore i did a lot of freediving in the bay, there are ususally some lines in place directly in front of Desert Divers, right out in the middle of the bay. Just ask (linda, lotta ...). If there aren't, you could bring or set your own, not a big deal.
BTW, maybe I am going to be there myself in July/August. Hopefully
Cheers,
Ivo