Perhaps this is aimed at non-American healthcare systems, but I have not seen a single report of American hospitals running out of ventilators, let alone BiPaP machines. In order for this to be a responsible hack — used under the guidance of medical professionals — we would need to have run out of both.
If anything, at least in the American context, I'm more worried about running out of the sedative necessary for ventilation.[1]
I have nothing against hardware hacking in non-pandemics. If you want to hack your own insulin pump or create epi-pens on your own (non-crisis) time, that's fine by me.
But I think the cost-benefit-risk analysis changes in pandemics, because people are too hungry for easy fixes and make ill-advised decisions under pressure. For example, even doctors (ostensibly medically-literate professionals) are prescribing themselves hydrochloroquine [2], which does not seem to be a miracle cure and sometimes, itself, dangerous (and also leaves lupus sufferers at risk of a disrupted supply chain).
[1] https://www.vox.com/2020/4/6/21209589/coronavirus-medicine-v...
[2] https://www.nytimes.com/2020/04/12/health/chloroquine-corona...