Doesn't 'hyper' mean active and abundant? Are you saying you only want just a very small insignificant amount of God's grace? You certainly don't want the marvelous amount of startling grace that will give a sinner a death-shattering eternal life with Jesus, do you?
Ellis is just taking what Legalists intended for a 'put-down', and showing it to be truly the kind of marvelous, excessive GRACE God gives us in Salvation.
English, as with Greek, doesn't always take a prefix added to a word, like "hyper" and it adds up to something better. For example, hyperactive is not a good thing, it means "too much" activity. When applied to children, it usually implies ADHD. Hypermanic, as another example, would mean psychotic, and dangerously so!
So just because hypergrace adherents tell you it means over abundant grace, it more likely refers to over the top fanatics, who make doctrines out of one verse, and wrongly twist the meanings of words.
As Blueladybug so ably posted, in fact, the grace of God is the real truth. A grace which has called us and saved us and transformed us. The grace of God is something we are all dependent on. God gives each person as much grace as they need. Hence, why would anyone require more grace than God has given us? But that is the thing with cults, by redefining some words, and making up other iffy words like hypergrace, they are able to deceive more people with their lies!