Will facebook catch on using Hotspot Shield and ban our accounts
for having more than one account.

No, a lot of people are also online at schools/university/work with the same IP..

Hot spot shield is a free version dude

Maybe, you would be safer with HMA VPN or a paid private proxy

Private proxies are the way to go man ! , Imagine how many people are violating the rules at once.

No. I have tried it before and my accounts are safe. But I only tried it in small number of accounts. I'm not sure if it's ok with large amount of accounts.

I got HMA & will use that, how many accounts can we safely use on one ip
and how many fan pages can we safely build before we should switch.