That is not the way to choose “old” characters in Hyper SF2. The original old characters from ST are chosen by selecting the “Super” version of the character instead of “SuperT.”
The trick that exists in the game allows you to access the original ST version of those characters. The ones that would benefit from this trick are those that could store their moves in that game.
It works for both the emulated game as well as the console version in case you were also wondering.
"-Holding start when selecting Super or Super Turbo mode brings out the original arcade version of that character. Notable examples are Chun Li and Honda who cannot store their supers and Ochio Throw (Honda only) without choosing them this way." http://www.shoryuken.com/wiki/index.php/Hyper_Street_Fighter_2
You’re confusing me. For the ORIGINAL Super Turbo, you must enter a code to select old characters. For Hyper SF2, you choose your type of character before choosing the actual character.
EDIT: I learnt something new, but nobody plays this game due to the CPS-1 chains
Hold start when you choose the “Super” option; you will hear a small chirp as a confirmation of your selection instead of the usual noise. Then pick your character. During gameplay, your character’s logo will be the ST logo (rather than the SSF2 logo or the ST meter).