1) Yes, it is possible that your spouse will be called to Hong Kong for an interview. I do not know how likely that is but I know that if you have a strong application and include everything that is needed, it is less likely.
2) You can see at
http://www.cic.gc.ca/english/information/times/canada/process-in.asp#sponsorship that it currently takes 36 days to process the part where they approve you for sponsor. After that the file goes to Hong Kong and you can see their timeline here:
http://www.cic.gc.ca/english/information/times/international/05-fc-spouses.asp#asia so 8 to 14 months but on average 11.
Since Hong Kong doesn't seem to be doing it very fast, it is possible in your case that inland would be faster. If you applied inland, according to
http://www.cic.gc.ca/english/information/times/canada/process-in.asp#perm_res it would take 6-7 months to get first stage approval and according to trackitt.com something like a year to get PR but the downsides with inland are: 1) that your spouse is advised not to travel while it's in process because if your spouse is for some reason denied entry into Canada again, the application and waiting time already done are out the window and 2) that if they decide they want an interview, the file will be forwarded to the CIC office where you live without first stage approval and depending on how busy your local CIC office is, that could mean 1-3 years of waiting for this interview without a work permit or health care or being able to leave without losing the application.