"Hyperventilation" is different from "tachypnea". One implies that you are overVENTILATING the lung, which will result in a drop in CO2, a change in pH, and is symptomatically often manifested by perioral tingling and tingling or cramps in the hands and feet. The other is simply a rapid respiratory rate. What the effect of tachypnea is on O2 and CO2 levels, and pH, depends on the total minute ventilation (which may be very small, if the person is panting with small breaths), and the state of the lungs. On scuba, tachypnea is common, and usually results in elevated CO2 levels. True hyperventilation is quite rare, because of the increased work of breathing.