I'm not a doctor, but here's what I've read in anatomy texts and the like:
1. The "normal" partial pressure of CO2 in oxygenated blood is 40mmHg. The partial pressure of CO2 in deoygenated blood is 45mmHg. 1 ATM = 760mmHg. The partial pressure of CO2 in the atmosphere is 0.04mmHg. The acceptable level of CO2 in the breathing gas for diving operations is roughly 10.5mmHg.
As far as I understand, the level of CO2 in the blood is unaffected by ambient pressure. It is only affected by metabolism and the rate and depth of breathing. Increased activity increases the body's metabolism and generates more CO2. CO2 is eliminated from the blood by respiration. If a diver is not respirating efficiently, CO2 is not eliminated efficiently. Thus, CO2 levels in the blood increase which in turn lead to hypercapnia.
As for CO2 elmination becoming more difficult because of a decrease in metabolic rate, it would seem that if depth causes a reduction in one's metabolic rate, CO2 production would actually decrease.
2. I suppose that hypercapnia can occur at any depth--even at the surface--because CO2 levels in the blood are affected only by metbolic activity and respiration. If you engage in heavy exercise, skip breathing, breath holding or shallow breathing, CO2 levels will increase regardless of your depth. Additionally, a person who is in poor physical condition will generate higher levels of CO2 than a physically fit person. Hypercapnia probably isn't that uncommon. Symptoms include: feeling of constriction around the chest, heavy perspiration, lightheadedness, or headache. Sounds kinda like you feel after the first jog of the season after you've taken off the winter, eh?
3. If breathing difficulty increases because of increased pressure, then CO2 levels may increase because of a reduction in respiration efficiency and because of the increased metabolic activity the extra work requires. Tech divers will tell you that at greater depths, gas density becomes a concern, as moving gasses of increasing density in and out of your lungs becomes more of a task and respiratory efficiency is again reduced. So I suppose the breathing gas would affect the buildup of CO2 when the increase in gas density reaches the point that it becomes harder to breathe and respiratory efficiency drops.
Hope this helps, and I hope I'm not too far off.