Well, I'm not familiar with how the hyper speed cheat on the actual Guitar Hero 2 works, because I've never actually witnessed it, however, from what I have read it makes the notes come down the screen twice a fast while keeping the tempo and song speed intact, marvellous. Well anyway, I heard about it, snooped around, and found an effective way to do roughly what I described.
A picture speaks a thousand words so here:

Basically, all I did, was change the board.length value in the guitar.py thingamajig (Haha, that's actually a recognised word in my Firefox dictionary.). Someone more experience at python than I *looks in Rogue_F's Direction* could easily add a toggle to change this value to and from 14 and 28. Yes, Another toggle, I know. Lets be creative though, would it be simple enough to make it that it puts it in 'hyper speed' mode when you hold down the 3rd fret when you select the song or something.. I don't know, just thinking out loud here. Well anyway, until I think of something else useful to add.
~Glenn