If I want a longer breath hold, I need less co2 in my blood right?...
Wrong. And dangerous.
Your urge to breathe comes from the high level of CO2 in your blood.
Your blackout comes from the low level of O2 in your blood.
Basically, by lowering your CO2 levels, you are just tricking your body into believing that it can last longer.
I’ll keep it simple (numbers are just to illustrate the point - please do not nitpick).
Perhaps your breath hold time is 3’00” (and you never know this time exactly as it depends on many variables).
If you start your breath hold with normal CO2 levels, your contractions start say at 1’30”. You struggle through it and you end up at 3’00”.
If you start your breath hold with lowered CO2 levels, your contractions start say at 2’30”. Contractions are really strong and you still give in at 3’00” (all other things being equal).
In both cases you'll black out if you overstay 3'00".
Say you hyperventilate and then dive. It takes you, say, 30” to reach 20m. You spend next 2’00” looking at the interesting fish. You have blown off some of your CO2 and your body is telling you “everything is ok”. You feel comfortable. You should have spent at most 1’ looking at the fish, but you felt ok and overstayed. Then at 2’30” you have your first contraction. You decide to surface. You start working your fins against water resistance and gravity, burning intensively O2 and have, say, 40” until you hit the surface. Contractions are hitting you really hard, expanding lungs are struggling to extract any remaining O2 and at 3’10” you black out. This is no longer big deal for you, as your brain switches off. Effectively you are no more. Only those that live can feel pain and sorrow - your family and your friends.
So if you do not know your exact breath hold time for given circumstances, when is the time to surface? 1’00”, 1’30”, 2’00” or when your body tells you to? This is rather difficult to say even for more experienced diver without being hooked to the various instruments. Most freedivers will combine what their body tells them with their experience of their previous breath holds. Freediving is dangerous as it is, but tampering with your CO2 alarm makes it a real gamble. CO2 levels might not be an ideal alarm for freediving, but that is what we have. Hyperventilated CO2 alarm is useless and brings no benefits for breath hold time anyway.
Now, to increase your breath hold time you need to optimise your O2 consumption and increase your O2 availability. This forum deals with the ways how to do it.