Hi,
Eric is right with hpvmmgmt you could enable/disable vcpu online but if you have installed the vmTools first. Curiously if this is recommanded and on the top ten tips for hpvm
http://docs.hp.com/en/9985/TopTenTips2.5.pdfmany (like me I'm sure) miss to installed it on all guest.
If you don't have installed them on the guest you need to reboot the guest.
So assure you have the vmGuest.SW on the host
Copy it on the guest
After install the vm kit on the guest
swinstall -s hpvm_guest_depot.11iv3.sd
swinstall -s hpvm_guest_depot.11iv2.sd
Finally, you could play with hpvmmgt to enable/disable vcpu but without this you need to stop/start hpvm when you do the hpvmmodify -c
HTH.