I have read that you can use the sleep paralysis phase as a gateway to enter a lucid dream, but it is imperative to remain calm and relaxed during the transition. I do not know about actually being able to control the hallucinations that happen during sleep paralysis. What I understand from more experienced LDers is that it is not ideal to try to induce sleep paralysis as it is not necessary to lucid dreaming.

It seems like while in sleep paralysis, you are not fully in the dream world as you are awake and still somewhat conscious of your physical body. I read that it is considered a "very light sleep state" in Clare Johnson's Complete Guide to Lucid Dreaming. She also wrote this: "You have control over three things when stuck in sleep paralysis: your breathing, your eye movements, and your mental attitude." Maybe control goes beyond the scope of what is written in LD books, but that's the most I've found as far as control goes. Maybe some other members can enlighten from their own experience and knowledge.