I'm not familiar with Hypnagonia, but the structure of the word and its usage suggest that it's a place (the kingdom of Hypnos?) rather than a person. A Pantheon is a temple to all the gods of a polytheistic belief system, hence it also refers to the belief system's gods as a whole. Pantheon could simply mean the abode of the gods, or refer to a godlike state. There's a story by H. P. Lovecraft called Hypnos which this song seems to have little to do with, but it is rather reminiscent of some of his Dreamlands writing. http://www.gizmology.net/lovecraft for more information.
I'm not familiar with Hypnagonia, but the structure of the word and its usage suggest that it's a place (the kingdom of Hypnos?) rather than a person. A Pantheon is a temple to all the gods of a polytheistic belief system, hence it also refers to the belief system's gods as a whole. Pantheon could simply mean the abode of the gods, or refer to a godlike state. There's a story by H. P. Lovecraft called Hypnos which this song seems to have little to do with, but it is rather reminiscent of some of his Dreamlands writing. http://www.gizmology.net/lovecraft for more information.