I was just in La Paz last week-end. This time of year (and also in February) one of the big attractions is whale sharks. But it's snorkeling ... you can'd dive with them, as they tend to swim faster than a diver can, they're mostly feeding on the surface, and they'd just tend to shy away from bubble-blowers anyway. But for snorkelers it's an amazing experience.
As for the diving, and your question in general ... hammerheads are typically found in El Bajo, which is a series of seamounts that run fairly deep. There is usually fairly strong current there, and in any case hammerhead sightings are hit-and-miss. You might ... you might not. Can't really provide any probabilities, but when I was there we didn't see any. A couple days later some folks I know did see them.
As for other dives ... some wrecks, in particular the Fang Ming with its resident green turtles. It's a nice, easy dive and interesting as wrecks go. The Suwanne Reef, shallow and completely covered in dense hard corals. Lots of sea life. Occasional manta sightings at a couple of sites whose names I don't recall at the moment.
Oh, and of course, the sea lions at Espiritu Santo ... playful and interactive.
There are plenty of other interesting sites to choose from. Diving in La Paz is pretty good. In February you'll need at least a 5 mm wetsuit. Water temps are already down into the low 70's, and will be closer to mid-60's by then.
If you're on Facebook there's a fellow named Jay Gittens who I like to dive with. Look him up ... he has a page for La Paz Dive Club that can provide you with info. Or contact Jay directly ... he's totally helpful and knowledgeable.
... Bob (Grateful Diver)