Not really. When you have you're first LD, you'll become aware that you're dreaming and then probably wake yourself within seconds on account of being so excited. And then you'll be disappointed and frustrated for having wasted an opportunity.

Aside from that, it's generally a great experience. Just keep in mind that your emotions have a huge influence on how dream characters behave and the overall tone of the dream. Think positively and everything should be fine.
As for hypnagogic hallucinations during sleep paralysis, try not to expect anything bad to happen. Some people make the mistake of worrying and that usually triggers a frightening hallucination. It may take some getting used to but as long as you don't worry, it generally won't be scary. Once you're able to wrap your head around that, you won't have to worry about the hallucinations any more. I hear things during SP but I usually turn it into music. So again, it all depends on your emotions and how you react to the sounds.
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