Miniatures are forged in battle. I lean toward the spear armed view of this unit simply due to its varied uses on the battlefield ... although i can envisage they could change weapons as the need arose. I must say that in the 400 pt sword and spear army that i run, i can't afford them as actual hypaspists but run them as hoplites. I use them as a connection between my phalanx and my cavalry usually which is a specialised role well suited to the hypaspist.
The final figures of my pike army is on the bench and i can see an end in sight. I have already painted around 20 units with 6 to go ... two of them lights, one medium and 3 heavies left.