When I was racing doing 16x50m dynamic, doing it as fast a possible, I was hyperventilating big time in between the 50m dives, 10 - 15 seconds before doing the next 50m.
When I'm training for technique and CO2 tolerance, I just breath slow and deep, little to NO hyperventilation.
For your static hyperventilation question:
I think it's a sliding scale. So in the beginning you may experience a 'big' gain due to an easy hyperventilation start, but the increased metabolism will hit you with a hard and big dose of CO2 quickly after those first comfortable 2 minutes. The danger is obviously in that it's easy to hyperventilate so much that the O2 runs out before the CO2 urges your to get up or even breath!
Now with tables (Table A) you'll learn to relax, and control your body and mind, rendering the first two minutes very easy, without hyperventilation, with the dreamy enjoyment, and with a nice slow heart rate too
after those easy 2, the difficulty of the CO2 GRADUALLY sets in. And because it's gradual it's easier to deal with. Because your body has not a raised metabolic rate (due to hyperventilating) the transformation of O2 into CO2 goes much slower, allowing you to hold out much longer.
For training I recommend to experiment a lot, playing around with variables etc. All with a buddy in a safe way of cause. Focus not on just completing the schedule, but on learning what's going on and trying different things to direct your mind and body. Different preparations, different food, etc.
Also I like to do 'blind tables' where I go on my sensations instead of stopwatch times. This helps me to shift the focus on my diving instead of the bloody watch. And it helps me to prevent myself from pushing too hard on days that I'm not in the best or normal shape. For a Table B I may do something like this: 50% 2'rest, 50%, 2', 70%, 2', 90%, 2', 90%, finished.
After completion I'll have my buddy say me the times.