This is probably too high for hp5. My speeds in PMK and Pyrocat are at 400. I'm not sure what process you are using to determine film speed. I shoot a grey card and expose at different speeds. Then process normally and read the exposures on a densitometer. The density that is about .1 above base+ fog determines film speed for the film/developer combination. You can then tweek development times to produce a ZV exposure (18% grey card) at about .65 + B+F density.
This was the original approach AA used when establishing the Zone system. There are several variations, but the original method has always worked well for me.