Steels are typically hydroed at 5/3rds working pressure.
Aluminums are typically hydroed at 3/2s working pressure.
The EXACT test pressure is either stamped on the tank (in the case of PST HP steelies) or is looked up depending on the material. For Exempt tanks (e.g. "E-9791s") it should be stamped on the tank. For the "non-exempt" ones its in the tables that the hydro shop has based on the material.
Burst disks must be, according to DOT rules, be installed to vent at +0/-10% of Hydro pressure. Installing ones that vent too low is not a good idea as they can blow before you get to the fill pressure. Installing ones that vent too high is dangerous.
As FredT posted, burst disks are there for firefighter protection more than anything else. In a fire, without them, a full tank can easily reach pressures that will cause the tank to rupture without a burst disk. If a firefighter is near the tank when that happens he will be shredded.
There is one other thing to be aware of. Aluminum tanks are quite dangerous in case of fire if they are partially full. AL tanks will be permanently annealed at about 350F; a temperature easily and quickly reached in a fire. The problem is that when this occurs the metal's crystal structure is permanently altered and greatly weakened. If the tank is completely full, then the burst disk will fail and all is well. If the tank is almost completely empty (e.g. 100 psi) then there is insufficient stored energy in the tank to produce a rupture and serious injury.
But a tank that is HALF full has more than enough stored energy to do serious damage, and its pressure will not rise high enough to vent through the burst disk. In a fire, such a tank is quite likely to fail explosively, even when properly disk'ed.
So if you're storing AL tanks, do so either nearly empty (e.g. 50-100 psi) or completely full. For older (6351 alloy) ALs, storing full is ill-advised due to sustained-load cracking problems; those tanks should be stored nearly empty. 6061-T6 alloy tanks have no history of having SLC problems, and can be safely stored full.
This is not an issue for steels.