I have an Oktava MK012 w/ Hyper Cardiod Cap. I have this for indoor video work. Would it be at all worth using or just keep it on the boom and out of the "studio"?
Are you sure it's a hypercardioid cap? AFAIK, the MK-012 only comes in two forms: a single-capsule with a cardioid cap and a three-capsule with cardioid, hypercardioid, and omni. The only way it could be a hypercardioid is if somebody lost the cardioid cap and bought a hypercardioid as a replacement....
Oktava is now selling the '012 with a single hyper cardioid capsule and HP filter as a "Movie Set".
To your original question - the hyper cardioid capsule is quite useful in music applications in the studio where you might need more frontal focus, less room sound and slightly attenuated top end compared to the '012 cardioid capsule.
Red also makes a large diaphragm aftermarket capsule for the mk012 that is not to expensive. Not that the Oktava sounds bad, but having another capsule increases it's versatility, and therefore usability