HP5 has pretty good tolerance, yes. But how do we define tolerance? does one mean to say that HP5 @ 800 will look the same, with the same shadow detail as 400? I certainly hope, because that's impossible.
You cannot, for the most part and certainly without some different development techniques (not just time, but actual techniques), make HP4 @800 look like HP5 at 400.
IMO, when people say that it has a tolerance of 1 stop underexpoure, it is traditionally referring to wet printing, and the ability to get acceptable prints with a bit of tweaking that looks kinda sorta same as 400. Now, that may _seem_ to contradict what I said earlier, but you can do the same tweaks when scanning - scan for shadows, then for highlights - and get something close. But you will lose shadow detail when you underexpose and you will get more contrast when you push. Period. It's physics.
allan