Interesting about the CO2 and lack of oxygen comparisons.
In my experience, low oxygen doesn't cause you to hyperventilate, you just feel slow/clumsy/woozy, whereas high CO2 makes you feel like you are suffocating.
I've had some good advice from some old cavers and slow is the way to go. Take it slowly and see how things are, if in doubt, slow down even more. You don't need a meter, just take it very carefully.... It sounds lame, but it makes lots of sense, if you take it steady, you'll be aware of the headache/jelly legs/etc, rather than steaming into some really critical stuff.
I've been in poor air to the extent that exertion results in cramp. I was sat in about 14% O2 whilst a mate prussicked out of a shaft. I found a nice piece of ore which I decided "dress" with my hammer, I got a "dead" forearm which came back to life with "a bit of waving around". The bottom line being that the overall effect was that movement seemed amplified. If you exerted yourself a bit, the affect was like you had done so much more. It just meant that you had to take things steady.
CO2 is different and neither your 4 gas meter or your Davy lamp can tell the difference between low O2 or High CO2 resulting in depleted oxygen. In a nutshell, CO2 makes your blood acid and the acidity results in your body trying to restore equilibrium by breathing out the cause of the acid. So, if you do lots of work, your CO2 in your blood goes up, you breath faster and you get rid of it. You aren't breathing because you need more oxygen, it's because you need to get rid of CO2. If you get into a CO2 atmosphere beyond about 4%, there is a nasty feedback cycle which establishes itself where your blood CO2 goes up, you breathe faster and your blood CO2 goes up and you breathe faster.....etc. If there is low oxygen, you run the risk of getting lactic acid induced cramp in whatever muscles you are using (namely your breathing muscles and your prussicking muscles) and it's not very nice.
I've heard tales from people who have been in very low oxygen, to the point that it seemed like a big joke, or they were that carefree they didn't realise the severity of their situation..... both of them got winched out.
It may be a bit sinister to say, but low oxygen doesn't seem like a bad way to die, it's not like you have an alarming feeling of suffocation like you get in high CO2.
It's a dangerous hobby and the best way is to know as much as possible about it. To say "You won't bump into X in a metal mine, or outside limestone country" is perhaps foolish.
Anyway, caveat emptor, etc, etc.